UPDATE: Citigroup Reduces PT to $14 on Alpha Natural Resources on Revised Commodity Estimates

Citigroup reiterated its Buy rating on Alpha Natural Resources

but reduced its price target from $16 to $14. Citigroup commented, "After updating our model for our new commodity price forecast and the company's recent production cut announcement our EPS estimates decline to -$1.72 from -$1.55 in '12 and to -$2.00 from -$1.95 in '13. Our target price is lowered to $14/sh." Alpha Natural Resources closed at $6.85 on Monday.