Ramaco Resources (METC) Surges to Fresh High as Analyst Posts Bullish Rating

We recently published 10 Stocks Stole the Show, 5 Hit Historic Highs. Ramaco Resources, Inc. (NASDAQ:METC) is one of the best performers on Thursday..

Ramaco Resources soared to a new all-time high on Thursday, as investors took path from an investment firm’s bullish coverage for its stock.

In intra-day trading, Ramaco Resources, Inc. (NASDAQ:METC) jumped to its highest 52-week price of $32.17 before trimming gains to end the day just up by 18.65 percent at $30.92 apiece.

In a market report, Jefferies raised its price target for the stock to $45 from $27 previously, while maintaining a “buy” recommendation.

Jefferies called the new price target “conservative,” suggesting potential for even greater upside for Ramaco Resources, Inc. (NASDAQ:METC).

The revision reflected the analyst’s strong optimism for the Brook coal mine in Wyoming, which Ramaco Resources, Inc. (NASDAQ:METC) is currently ramping up.

According to the mining firm, it will increase the production of the facility to 5 million tons per year from 2 million tons previously.

The expansion is expected to support the project’s net present value to $5.1 billion from $1.6 billion, or equivalent to $77 per share.

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Disclosure: None. This article is originally published at Insider Monkey.