Sterne Agee Reiterates Neutral Rating, $9.50 PT for Patriot Coal
In a flash note published earlier today, Sterne Agee Group, Inc. reiterated its Neutral rating and $9.50 price target for Patriot Coal Corporation (NYSE: PCX).
Sterne Agee went on to say “Patriot's shares and bonds will likely be bound to speculation and views on how bank negotiations are progressing and may remain volatile and subject to acute news flow. We believe the valuation impact to other coal equities appears unwarranted and more reflect speculative fallout, not new fundamentals.”
Patriot Coal Corporation closed yesterday at $2.18.
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