Credit Suisse downgrades Coal India shares to "neutral" from "outperform" but raises its target price to 380 rupees from 330 rupees.
The investment bank says Coal India "is cheap no longer" while noting "it is difficult to see volumes improving within 3-4 years."
Still, Credit Suisse says Coal India shares have uspide risk until the government's restructuring plans are unveiled. * Prime Minister Modi is exploring breaking up Coal India and opening up the sector to foreign investment, two sources with knowledge of the matter told Reuters on May 21.
"Till government's plans for restructuring are known, CIL can become a concept stock with upside risk," Credit Suisse said in a note on Monday.
Coal India shares are down 0.4 percent at 0400 GMT.