Goldman Sachs JBWere remained cautious on Excel in the short term and maintained a hold rating on the company.

“If our coking coal price forecast [$US110/t] is achieved, and given coking coal’s greater importance to Excel’s earnings, then we believe value is emerging on six month-plus view provided Excel delivers successfully on its growth,” the analyst said.

Brokerage UBS stuck with its neutral rating on Excel but was also hesitant over future coal prices.

“Excel Coal remains an attractive investment opportunity in our view, offering a 5.4% fully franked yield in financial year 2006,” UBS said.

“However, uncertainty over coal pricing outcomes, and consensus earnings that are ahead of company issued guidance remain concerns for us in the short term.”