UPDATE: Citi Lowers Patriot Coal's PT
According to a research report published this morning, Citi has lowered Patriot Coal's (NYSE: PCX) PT from $7 to $6.
In the report, Citi said, "After updating our model for PCX's revised metallurgical coal contracted position of 3.9 mln tons at an average of $142/ton for the remainder of 2012 (from 4.9 mln tons @ $138/ton) and 0.2 mln tons at an average of $122/ton for 2013 we are lowering our 2012 EPS estimate to -$2.20 from -$2.12 previously while our 2013 estimate remains at -$2.60. Our target price is reduced to $6/sh from $7/sh, maintaining Neural/High Risk rating."
Patriot Coal closed yesterday at $4.83.
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