Massey Energy (NYSE:MEE) had its "Outperform" rating maintained on them by FBR Capital.
FBR said, "While MEE continues its struggle to put UBB behind it and to divert management's focus to operations, the process is taking a little bit longer than we expected. MEE continues to see MSHA enforcement and delays (in approval of ventilation plans) hurting the operational expectations, with the company missing targets.
"We are lowering our 2010 EPS/EBITDA estimates to $0.61/$458M, from $1.47/$574M, primarily to reflect $2.50/ton higher than earlier expected costs, 0.4MTs lower volumes, and lower realized pricing following the guidance update provided by MEE yesterday after the close. We are largely maintaining our 2011 and 2012 estimates."
FBR lowered its price target on Massey to $43.
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