Coal miner WHC rallied +2% on Wednesday, making a new 10-week high in the process. We have been almost stubbornly bullish on WHC over the last year, but its fortunes are turning, and a test of its 2024 high is starting to feel like a matter of time. Remember last week, influential broker UBS significantly upgraded the miner, increasing their price target from $6.30 to $8.70; it’s not often you see an almost 40% upgrade without left-field news. We are finally showing a profit of ~10% on our position, but we have no intention of taking the easy option and grabbing the money. If we’re correct, this paper profit will double in the relatively near future.
- We’ve been patient with our WHC position, and our $9 target remains intact – MM is long WHC in our Active Growth Portfolio.
MM remains long and bullish towards WHC
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