UPDATE: Iberia Capital Partners Downgrades Walter Energy to Sector Perform, Removes PT
In a report published Wednesday, Iberia Capital Partners downgraded its rating on Walter Energy (NYSE: WLT) from Outperform to Sector Perform and removed its $40.00 price target.
Iberia Capital Partners noted, “We are downgrading WLT ($38.78–SP) shares, as the stock has hit our $40/share Target Price. No change to estimates. We do not carry Target Prices for our Sector Perform stocks...WLT is still the pure play levered to coking coal. We believe the Chinese steel market will continue to grow, despite fears of the contrary. WLT's shares are one of the best ways to participate in this trend. We would look to build positions in the low- to mid-$30s/share”
Walter Energy closed on Tuesday at $38.78.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.