First Solar (FSLR) (SNP) (BNK) (MT) (PDS) (TE) (AXU) (VNR) Ratings Changes and Initiations

First Solar, Inc. (FSLR), China Petroleum and Chemical (SNP), Bankers Petroleum Ltd. (BNK), ArcelorMittal (MT), Precision Drilling (PDS), TECO Energy, Inc. (TE), Alexco Resource Corp (AXU) and Vanguard Natural Resources (VNR) had ratings adjusted or initiated on them. Bernstein upgraded China Petroleum and Chemical (SNP) from a "Market Perform" rating to an "Outperform" rating. Raymond James downgraded Bankers Petroleum Ltd. (BNK) from an "Outperform" rating to a "Market Perform" rating. Avian Securities downgraded First Solar, Inc. (FSLR) from a "Positive" rating to a "Negative" rating. Citigroup (C) downgraded ArcelorMittal (MT) from a "Buy" rating to a "Neutral" rating. Desjardins downgraded Precision Drilling (PDS) from a "Hold" rating. Zacks downgraded TECO Energy, Inc. (TE) from a "Neutral" rating to an "Underperform" rating. They have a price target of $16.00 on the company. Stonecap Securities initiated coverage on Alexco Resource Corp (AXU). They placed an "Outperform" rating on the company. UBS AG initiated coverage on Vanguard Natural Resources (VNR). They placed a "Buy" rating and price target of $33.00 on the company.

TECO Energy (NYSE:TE) Share Price Should Rise on Met Coal Market

FBR Capital raised their price target on TECO Energy, Inc. (NYSE:TE), citing an improved metallurgical coal market.

"Following a review of the quarter, we are raising our price target for TE to reflect an improvement in the met coal market and the benefit of cash proceeds from the DECA II sale. However, as TE stock trades near or above $18/share, we believe that it increasingly reflects an acquisition premium for TE Coal. We support this view with a detailed analysis enclosed performed in collaboration with the FBR Coal Team. Our base case valuation for TECO Coal reflects an $820 million enterprise value that incorporates strong upward momentum in pricing, offset by cost escalation. TE stock looks fairly valued to us but becomes stretched as it reaches our price target using current market multiples," FBR said.

FBR said they're maintaining their "Market Perform" rating on TECO, while raising the price target from $17 to $18 a share. TECO closed on Friday at $17.59, gaining $0.26, or 1.50 percent.