Bear of the Day: CONSOL Energy

We have downgraded our recommendation on CONSOL Energy (CNX) to Underperform, primarily due to disappointing third-quarter coal production results.

Concerns regarding the formulation of stricter safety legislations and rigid penalties on underground mining, due to the recent Upper Big Branch mine incident, make our view negative for underground miners such as CONSOL.

We have downgraded our recommendation for CONSOL shares to Underperform from Neutral. Our $35 target price, 9.4x 2011 EPS, reflects this view.

CONSOL ENERGY (CNX): Free Stock Analysis Report

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