UPDATE: Global Hunter Securities Initiates Coverage on Walter Energy

According to a research report published this morning, Global Hunter Securities has initiated coverage on Walter Energy WLT with a Buy rating and $79 PT. In the report, Global Hunter Securities said, "The company has committed all of its 2012 metallurgical coal production and will price it based on a quarterly benchmark. We project its 2013 EBITDA will rise to $1,083.9 million from $789.7 million in 2012. We are initiating coverage of WLT with a Buy rating and $79 price target, which is based on an EV/EBITDA multiple of 6.5x our estimated 2013 EBITDA." Walter Energy is currently trading at $48.14.