UPDATE: Citigroup Lowers PT on Walter Energy to $72

Citigroup maintained a Buy rating on Walter Energy

and lowered its price target form $77 to $72. Citigroup commented, “To reflect our new price forecasts for metallurgical coal we are lowering our target price to $72 from $77 but maintaining our Buy/High Risk (1H) rating. For 2Q we estimate EPS to be $0.15 vs. consensus of $0.48 on EBITDA of $107 mln and revenue of $646 mln. We are also lowering our EPS estimate for '12 to $2.96 from $3.83, our '13 estimate to $6.20 from $6.50 and our '14 estimate to $6.10 from $6.95.” Walter Energy closed at $37.66 on Friday.