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Caris & Co., which also reiterated its $105 price target on the stock, said the combination of limited availability of new metallurgical coal reserves and continued global steel demand growth make the acquisition of met coal reserves by steel producers an increasingly attractive option.
The firm noted that Cleveland-Cliffs Inc. bought Alpha Natural Resources for about $10 billion earlier Wednesday.
Caris estimates second-quarter earnings-per-share at Massey of 67 cents, while analysts polled by Thomson Reuters, on average, estimate earnings of 77 cents a share.
The stock rose 2.5% to $79.67 on volume of 4.9 million shares, bringing the year-to-date gain to 123%. Greg Saulnier gs/tk1
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