Arch Resources slips after collapse of Baltimore bridge

Arch Resources

26/03/2024 18:23

** Shares of coal producer Arch Resources  ARCH.N  down 3%
at $158.18 after the collapse of a bridge and stoppage of ship
traffic at the Port of Baltimore
    ** Jefferies cuts PT to $185 from $190; new PT implies an
upside of 13.4% compared to stock's last close
    ** Jefferies reduces Arch met coal shipment assumption by
100 thousand tons for Q1 and 200 thousand tons for Q2
    ** "We have also increased our unit cost assumptions as a
result of the lower volumes" - brokerage
    ** "This tragedy is a supply shock to the seaborne met coal
market, as it likely removes about 2% of supply from the market
for at least the next 3-4 weeks," Jefferies adds
    ** Including the session's losses, stock is down 3.7% YTD

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))