UPDATE: Stifel Nicolaus Reduces PT to $26 on Natural Resource Partners on Revised Estimates

Stifel Nicolaus reiterated its Buy rating on Natural Resource Partners (NYSE: NRP) but reduced its price target from $29 to $26 following Q3 results.

Stifel Nicolaus noted, "For 4Q12, we are slightly lowering our EPU estimate from $0.44 to $0.43 (vs. the Street consensus of $0.41), primarily based on (1) reduced Illinois Basin volumes (following weaker than expected 3Q12 volumes, but still increasing as the Deer Run longwall ramps), partially offset by increased Central and Southern Appalachia production relative to our previous estimates, and (2) lower non-coal royalty revenues."

Natural Resource Partners closed at $19.26 on Friday.

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