UPDATE: JP Morgan Reduces PT to $11 on Alpha Natural Resources on Met Coal Exposure

JP Morgan reiterated its Neutral rating on Alpha Natural Resources ANR but reduced its price target from $13 to $11. JP Morgan commented, "With the Massey acquisition, ANR has been able to increase its diversification and improve the quality of its assets with ongoing restructuring. However, we believe the sustainability of this improvement has been undermined by the trajectory of coking coal prices that are now trending towards our bear case scenario. … We are reducing our price target by $2 given Alpha's high exposure to met coal that is priced on a quarterly basis risking a lower price realization." Alpha Natural Resources closed at $8.00 on Friday.