The shares of Massey Energy (MEE: sentiment, chart, options) got a brokerage boost this morning when Jefferies & Co. started coverage of the coal company with a "buy" rating and an $80 price target. The new target represents a rather healthy premium of 85% to MEE's closing price on Thursday.

The stock is poised to open nearly 3% higher ahead of the bell. Even though MEE underwent a sharp correction following a significant decline in energy prices during the past couple of months, the equity is up more than 21% year-to-date and continues to find support from its 20-month moving average.

Today's bullish nod from Jefferies could shake loose some of the MEE bears. Short interest represents more than 9% of the stock's float, while MEE has racked up a 10-day put/call ratio of 1.41 on the International Securities Exchange. If any of these skeptics are spooked into closing out their bets, it could accelerate the stock's gains.