Patriot Coal (NYSE:PCX) was downgraded by Brean Murray from "Buy" to "Hold," citing pricing and costs.
Brean said, "This downgrade is mostly due to our less bullish pricing expectations for lower-quality met coal and continued production/cost uncertainty. Patriot has had a number of unexpected issues over the past 4 months, resulting in low investor sentiment. We believe it's now a bit of a 'Show-Me' story."
Investors shrugged off the downgrade, as Patriot surged to close Wednesday at $13.24, gaining $0.75, or 6 percent.
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