UPDATE: Brean Murray Carret Cuts Target to $24 on Cloud Peak Energy

Brean Murray Carret lowers its rating on Buy-rated Cloud Peak Energy CLD to $24 from $31 on guidance hinting at lower 2012 EPS estimates driven depressed prices. Brean Murray Carret says, "Cloud Peak Energy provided a wide guidance range for EBITDA of $300-$370 million in 2012. THe low end of the range assumes some deferrals of existing contracts and PRB prices to remain depressed for the remainder of the year. Net net, we had to decrease our 2012 estimates, primarily as a result of Cloud Peak probably realizing lower prices than we had previously estimated." CLD closed at $17.49 a share on Thursday.