BMO Capital Markets Reiterates Perform, $22 Target on Cloud Peak Energy

BMO Capital Markets maintains its Perform rating and $22 target price on Cloud Peak Energy

following a beat to expectations for the quarter as well as lower than expected guidance. BMO Capital Markets says, "BMO is lowering FY2012 estimates based on sales and EBITDA guidance. Cloud Peak guided to FY2012 production of 92.5-96.5Mt, slightly under BMO's 96.7Mt estimate. FY2012 EBITDA guidance of US$300-370 million was also slightly below BMO's US$382 million estimate and the Street's US$360 million. Offsetting these negatives, BMO's NPV is up owing to lower assumed long-run maintenance capex." CLD closed at $17.49 a share yesterday.