Wednesday, September 15, 2010

UBS (NYSE:UBS) Reiterates "Buy" on Patriot (NYSE:PCX)

UBS (NYSE:UBS) said it is maintaining its "Buy" on Patriot Coal (NYSE:PCX), saying the acknowledged challenges for the company are already reflected in the share price.

"We are increasing our 2010 Loss Per Share est. to $1.46 from $0.87, to reflect the production shortfall and corresponding increase in costs per ton...At $11.50 a share we believe the challenges are priced in and would look to add to positions, especially on this related weakness," said UBS.

UBS did lower the price target on Patriot from $25 to $25.

Patriot closed Tuesday at $11.14, dropping $0.25, or 2.19 percent.

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