UPDATE: Sterne Agee Reduces Patriot Coal's PT

According to a research report published this morning, Sterne Agee has decreased Patriot Coal's

PT to $9.50. In the report, Sterne Agee mentioned, "We are pleased with Patriot's cost performance during the quarter. Operating costs of $73.89/ton in Appalachia came in below our estimate of $76.25/ton. Patriot's adjusted 1Q12 loss of $0.42/share came pretty close to our estimate of a $0.40/share loss. Patriot also restated 2010 and 2011 financial statements on accounting adjustments." Sterne Agee maintains its Neutral rating on Patriot Coal, which closed yesterday at $5.53.