Nomura Securities Starts Patriot Coal (PCX) at Reduce

Nomura Securities initiates coverage on Patriot Coal (NYSE: PCX) with a Reduce. PT $6.00.

Analyst, Curt Woodworth, said, "There is more downside risk to PCX shares, as continued cost inflation pressure in CAPP, coupled with significant price pressure in the lower quality met coal spectrum, cause earnings to fall short of Street estimates for 2012 and 2013. FY12E/13E revenues $2290m / $2433m; 2012E/2013E EPS ($1.50) / ($2.75), well beneath consensus loss estimates of ($ 1.37) and ($0.83), respectively."

For an analyst ratings summary and ratings history on Patriot Coal click here. For more ratings news on Patriot Coal click here.

Shares of Patriot Coal closed at $7.24 yesterday.

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