ecember 08, 2008 Article from: Dow Jones Newswires
MERRILL Lynch has revised its forecast on coal prices and reviewed its recommendation on the sector's miners.
Centennial Coal was upgraded to “neutral” but Gloucester Coal was cut to “underperform” and Macarthur Coal was also downgraded to “underperform”
The analysts downgraded its 2009 coking coal forecast by 58 per cent and thermal coal by 38 per cent on slowing steel output and weaker demand from utilities.
Merrill’s said Gloucester was at risk of significant price falls and pushback from steel mills on volumes and highlighted that Macarthur was the most exposed to coking coal prices and volumes.
Its pick of the Australian coal stocks is Felix Resources."
FLX Price at posting:
$8.17 Sentiment: Buy Disclosure: Held
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