New Hope advanced +4.7% on Monday, extending its annual gain to an impressive 45%, and we see no reason not to anticipate further gains over the coming months. NHC delivered a strong quarterly update last month, which we covered here; the main takeaway being that the miner is producing and selling more coal. With the company delivering operationally, it comes down to the underlying coal price to drive further gains back towards its 2022 highs, with yesterday’s moves in China an obvious short-term tailwind that could easily become something more substantial.
- We are initially targeting a break by New Hope back towards the $6.50 area – MM holds NHC in the Active Income Portfolio
MM is long and bullish New Hope around $5.75
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