** Analysts at Jefferies raise price target on Australia's Whitehaven Coal to A$9 from A$8.75
** The country's largest independent coal miner on Friday said a process to sell down 20% stake in newly acquired Blackwater mine was underway with interest from global steel producers, as it reported a rise in third-quarter production
** Jefferies says WHC is starting a new chapter welcoming in the Blackwater and Daunia coking coal mines that it had acquired form BHP Group for $4.1 billion
** Brokerage says co still expects to sell down 20-30% of Blackwater in a bid to improve balance sheet and capital returns prospects; reiterates "buy"
** We continue to favour the outlook for metallurgical coal, and believe thermal also has strong structural support - Jefferies
** Adds that the mines buy from BHP will prove to be a positive transformation for co-delivering, growth and a shift to metallurgical coal while maintaining a strong balance sheet
** Stock has risen 5.9% this year, as of last close
(Reporting by Rishav Chatterjee in Bengaluru)
((Rishav.Chatterjee@thomsonreuters.com;))
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