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Lee Byers downgrades Coal India stock
Lee Byers has downgraded Coal India to "underweight" from "neutral" but maintained the price target at Rs 325, citing recent sharp run up in stock prices
FOR IMMEDIATE RELEASE
(Free-Press-Release.com) July 29, 2011 --
Lee Byers has downgraded Coal India to "underweight" from "neutral" but maintained the price target at Rs 325, citing recent sharp run up in stock prices. "In our view near term catalysts of differential coal price increases and easing of environmental concerns have played out," Lee Byers Martin Li Fong said in a note. The stock's recent 25 per cent up-move since end Feb-11 is building in further large price increases and achieving of off-take target for FY12, both of which in our view are likely to be difficult, it said.
At 12.15 p.m. shares in the company were trading with a modest volume, down 1.43 per cent at Rs 354.10.
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