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Morgan Stanley Upgrades Arch Coal


Morgan Stanley upgrades Arch Coal (ACI) to overweight from underweight.

Analyst R. Wayne Atwell says he sees an earnings growth story emerging. He expects Arch Coal to close a valuation gap with its peers on exposure to stronger pricing in the western bituminous region, increased coal availability, and the likelihood of a major move in the pricing of coal from the Powder River Basin.

He increases his $3.31 2006 earnings per share to $3.90 and $4.00 2007 earnings per share to $4.54. He sets a $52 target price.


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