Australia's Coronado gains as Bell Potter sees potential to participate in industry consolidation

Coronado Global Resources

12/07/2024 03:39

** Shares of Australia's Coronado Global Resources  CRN.AX 
rise as much as 2.1% to A$1.43
    ** Stock hits highest since Feb. 20 
    ** Analysts at Bell Potter raise price target on the coal
miner to A$1.85 from A$1.60, keep stock rating at "buy"
    ** See potential for CRN to participate in industry
consolidation
    ** Brokerage says CRN should realise improved production
volumes and subsequent cost benefits throughout 2024
    ** Expects CRN to realise improved output on the back of
self-funded investments across Australian and U.S. operations
    ** "Buy" recommendation is underpinned by a supply
constrained met coal environment, supporting long term prices -
Bell Potter
    ** Stock has fallen 20.5% this year, as of last close

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))