Similar interest in the company’s New Zealand listing caused the country’s bourse to issue a speeding ticket, with Pike saying it did not have an explanation for the sudden interest.

However, Goldman Sachs analyst Matthew Henry upped the valuation on Pike’s discounted cash flow and earnings on the back of a stronger coking coal outlook.

The investment bank slapped a buy rating on Pike and set a 12-month share price forecast of $1.50 for its ASX listing.

“The improved coal price outlook does positively enhance the balance of risks for investors in Pike River Coal,” Henry said.

“While we recognise significant operation risks in PRC, at the current share price we believe the risk-return investment equation remains positive.”

Pike has suffered several delays but plans to start up hydro-monitor mining using high-pressure water to cut coal at its namesake mine in the September quarter.

The mine is expected to produce 1 million tonnes per annum when in full production.

Goldman Sachs added $US20 a tonne to its forecast for coking coal prices for the upcoming financial year, lifting it to $245/t.

Pike shares closed up 9.4% on the ASX on Friday to A87.5c.

They are up another 5.1% this morning to 92c.