BMO Capital Markets Reiterates Outperform, $35 PT on Alpha Natural Resources

BMO Capital Markets maintains its Outperform rating and price target of $35 on Alpha Natural Resources

, despite the company's big Q4 miss and scaled-back 2012 guidance. BMO Capital Markets says, "ANR reported an adjusted Q4/11 loss per share of US$0.07 (excludes goodwill impairment and other charges related to the MEE acquisition) well below BMO Research's EPS estimate of US$0.37 and the Street's US$0.26. Relative to BMO Research's estimate, the miss was mostly on lower-than-expected met coal sales and higher cash costs at Alpha's eastern operations." ANR closed at $20.46 a share on Friday.