UPDATE: BMO Capital Markets Maintains Perform, Lowers Target to $80 on Walter Energy

BMO Capital Markets reiterates its Perform rating on Walter Energy

and lowers its price target to $80, down $10, on lower guidance from the company. BMO Capital Markets says, "BMO Research is lowering its target price to US$80 from US$90 after Walter cut Q4/11 and FY2012 met coal production guidance. Walter cut FY2012 met coal production guidance to 11.5-13Mt from 13-14Mt. Lower FY2012 guidance represents conservatism across the company, as well as delays in Wales. Q4/11 sales and production of 2.4Mt were also below previous guidance, as shortfalls at the No. 7 mine were partially offset by lower-margin Canadian operations that came in slightly ahead of guidance." WLT closed at $61.73 per share on Wednesday.