Thursday, September 2, 2010

Massey (NYSE:MEE), Arch Coal (NYSE:ACI) Upgraded by HSBC (NYSE:HBC)

HSBC (NYSE:HBC) evidently believes the coal industry is beaten down, and upgraded Massey Energy Co. (NYSE:MEE) and Arch Coal (NYSE:ACI) Wednesday.

They upgraded Massey Energy from "Neutral" to "Overweight." The coal mining company has lost 47 percent of its share price since the explosion at the West Virginia mine.

Arch Coal also had a rating upgrade from “Neutral” to “Overweight” by HSBC, with a price target of $30 a share on the company.

Arch Coal closed at $23.99 Wednesday, gaining $1.49, or 6.65 percent a share. Massey ended the session at $30.77, an increase of $2.01, or 6.99 percent.

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