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Analyst Actions: Raymond James Cuts Alter NRG Price Target on Sale of Coal Property

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Alter NRG (NRG.TO), owner of a plasma gasification technology, has agreed to sell its Fox Creek Coal property for $5 million, the Globe and Mail reported. Raymond James Ltd. analyst Justin Bouchard, however, was disappointed in the sale price, noting his net asset value estimate for the property was $14 million.

Mr. Bouchard also noted that he has become less optimistic about the company's plasma and geoexchange business units. "This tempered outlook is a function of a lack of sales despite the formidable pipeline of opportunities and an increasingly challenging financial position, which we believe could impact the company's ability to execute on its main business prospects."

Raymond James Ltd. slashed the 6- to 12-month price target to $1 from $3.25, but maintained his "outperform" rating.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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