With shorts continuing to rise, it is only to be expected that...

With shorts continuing to rise, it is only to be expected that the talking heads will follow and downgrade the sector.

Credit Suisse - BND as Downgrade to Underperform from Neutral

The broker expects thermal coal prices to stay weak for longer. Hence the valuation declines. Credit Suisse sees plenty of value in the project on a long-term forecast but it's not clear if investors are willing to pay up the amount required, given the share price weakness.

Credit Suisse assumes a $200m capital raising at 10% discount giving a valuation and target of 10c, reduced from 20c.