UPDATE: Deutsche Bank Downgrades Patriot Coal Corporation to Hold on Uncertainty

Deutsche Bank lowers its rating on Patriot Coal Corporation PCX from Buy to Hold and suspends its price target of $6.50 per share. Deutsche Bank comments, "We downgrade our rating on Patriot Coal from Buy to Hold on the back of the volatility of the stock due to timing and uncertainty of financing arrangements and outcome of a recent customer default, and accordingly change our Target Price from $6.50 to N/A. Its operations in the Central Appalachia face issues like structural declines and regulatory challenges. Should market demand and its cash flow improve, PCX could invest in organic projects." PCX closed at $2.18 on Tuesday.