Goldman Sachs Downgrades Patriot Coal (PCX) to Neutral; Slashes Estimates
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Price: $10.20 --0%
Rating Summary:
1 Buy, 8 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
1 Buy, 8 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Goldman Sachs downgraded Patriot Coal (NYSE: PCX) from Conviction Buy List to Neutral with a price target of $24.00 (down from $29), citing higher projected costs which sharply reduces free cash flow.
The firm cut 2011E/2012E/2013E EPS from $1.18/$3.57/$2.89 to -$0.54/$1.88/$1.71.
The analyst notes, "PCX’s costs at new met mines appear to be higher than both we and the company expected and were further hurt by higher labor costs after negotiating new contracts with unions."
For more ratings news on Patriot Coal click here and for the rating history of Patriot Coal click here.
Shares of Patriot Coal closed at $21.04 yesterday.
The firm cut 2011E/2012E/2013E EPS from $1.18/$3.57/$2.89 to -$0.54/$1.88/$1.71.
The analyst notes, "PCX’s costs at new met mines appear to be higher than both we and the company expected and were further hurt by higher labor costs after negotiating new contracts with unions."
For more ratings news on Patriot Coal click here and for the rating history of Patriot Coal click here.
Shares of Patriot Coal closed at $21.04 yesterday.
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