Benzinga's Top Downgrades With Color for May 23, 2012

Listed below are today's Top pre-market Downgrades at Benzinga:

Canaccord Genuity notes, "We have adjusted our risk profile for NDM based on market conditions and project permitting challenges. We are decreasing our 12-month target price to C$7.00 per share (from C$11.45), and moving our recommendation to a market neutral, HOLD rating (was Speculative Buy)."

Deutsche Bank comments, "We downgrade our rating on Patriot Coal from Buy to Hold on the back of the volatility of the stock due to timing and uncertainty of financing arrangements and outcome of a recent customer default, and accordingly change our Target Price from $6.50 to N/A. Its operations in the Central Appalachia face issues like structural declines and regulatory challenges. Should market demand and its cash flow improve, PCX could invest in organic projects."