Bank of America Corp (NYSE:BAC) cut back its earnings estimate for Consol Energy (NYES:CNX), while also lowering their price target on the company to $50.
Consol Energy, which produces natural gas and coal, was cut because of the abundant supply of natural gas which will put pressure on prices and margins.
The economy is also playing a major factor, as coal demand could slide as consumers continue to use less energy to help with their bills.
Bank of America maintained their "Buy" rating on the energy company, even with the lowered outlook.
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