July 17 (Bloomberg) -- OAO Raspadskaya retreated for the first time in three days as UBS AG cut the Russian coal producer to neutral after production fell.
Raspadskaya declined 2.7 percent to 82.26 rubles by the close in Moscow, while the benchmark Micex Index added 0.6 percent.
UBS analysts led by Kirill Chuyko cited “lower production, declining prices for coking coal and higher costs in the near term” as reasons for the downgrade from a buy recommendation, according to an e-mailed note today.
Coal output dropped 1 percent to 3.4 million tons in the first half of the year from the same period a year earlier, the company said in a statement on July 11.
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