Coal Stock That’s Up 300% Gets Morgan Stanley Price-Target Boost
- Thungela is best-performing Johannesburg stock this year
- Mining company reported record earnings earlier this month
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Soaring global demand for coal has propelled a more than fourfold gain in Thungela Resources Ltd. shares this year. Even so, analysts at Morgan Stanley say the market doesn’t fully appreciate the potential upside.
South Africa’s larger shipper of coal burned in power stations, spun out of Anglo American Plc in June 2021, is the best-performing stock in Johannesburg this year. The shares have been buoyed by all-time high prices for the fossil fuel as Europe seeks to wean itself off Russian imports six months after the invasion of Ukraine.