Coal producer Walter Energy, Inc. (WLT) on Wednesday caught some positive commentary from analysts at Bank of America/Merrill Lynch.
The firm said it started coverage on WLT with a “Buy” rating and a $75 price target, suggesting an 18% upside to the stock’s Tuesday closing price of $63.54. Bank of America/Merrill Lynch noted it likes the company now because it has less energy exposure than its peers in the coal space.
Walter Energy shares rose $1.25, or +2%, in early trading Wednesday.
The Bottom Line
Shares of Walter Energy (WLT) have a .79% dividend yield, based on last night’s closing stock price of $63.54. The stock has technical support in the $57-$60 price area. If the shares can firm up, we see overhead resistance around the $70-$72 price levels.
Walter Energy, Inc. (WLT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.
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