Target $18.72, page-133

They all are for the coal sector, even the bullish ones are. I think it was the Morgan Stanley report on WHC I was reading today which predicted coal prices of $150 next year (in addition to an AUD/USD of 75c). despite that they still have a price target of $11!

It's all about the optics here. If they become super bullish and recommend clients load up on coal stocks and soemthing unexpected happens next week like sanctions are lifted and inflation disappears (yes unrealistic but there's a probability however low that it could happen) they will be absolutely hammered for recommending a "dying industry" like coal. In hindsight it will be "so obvious" that a stock like WHC was "doomed to fail." Like you can literally predict what commentators would say, hence the quotes. However if it were an industry's involved in EVs or soemthing "green" they'll be saved criticism by the excuse of "it's an emerging industry, no one could have predicted this and that risk." By being neutral (which they pretty much are) there's no risk of being hammered in the unlikely event coal goes to shit next week.