UPDATE: BMO Capital Markets Reiterates Outperform Rating, Lowers PT on Walter Energy
In a report published Monday, BMO Capital Markets reiterated its Outperform rating on Walter Energy (NYSE: WLT), but lowered its price target from $50.00 to $43.00.
BMO Capital noted, “BMO Research maintains the Outperform rating on Walter, but is lowering the target price to US$43 from US$50 based on lower Q4/12 guidance and expectations for continued cost pressures in FY2013. Walter remains the ‘goto' met story in the U.S. in an improving met coal environment. Spot benchmark met coal pricing has risen to US$160/t up from the recent lows of US$140/t in August on due to production cuts and improving Chinese demand.”
Walter Energy closed on Friday at $33.10.
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Tags: BMO Capital Markets