BMO Capital Markets Reiterates Perform, PT of $10 on Patriot Coal

BMO Capital Markets maintains its Perform rating and price target of $10 on Patriot Coal

as idled mines are expected to negatively impact EPS. BMO says, "BMO is adjusting estimates to account for idled mines at Patriot's Rocklick and Wells Complexes. Patriot expects the net impact to be a loss of 0.5-1.0Mt of high-vol A metallurgical coal. Company-owned operations have been “hot idled” meaning they can be restarted quickly should market conditions improve later this year. Contractor-operated mines might take longer to restart." PCX closed at $8.52 a share yesterday.