Deutsche Bank has published a research report on James River Coal and has lowered the price target from USD 12 to USD 10.50.

In the report, Deutsche Bank writes, Adjusted EBITDA was USD 30 million below DBe of USD 43 million on higher operating costs and taxes. In Q3, it shipped 3.2 million tonnes. CAPP vols were 2.6 million tonnes while Midwest vols were 598,000 tonnes. Met shipments were 582,000 tonnes against 727,000 tonnes in Q2 as some shipments were deferred due to timing of sales price negotiations. Revenue per ton was USD 96 while cost per ton was USD 87 against DBe of USD 82.

As a result, EBITDA per tonne was USD 10 as compared to DBe of USD 14 and USD 17 in 2Q11.

Deutsche Bank maintains its Hold rating on James River Coal which is currently trading down USD 0.05 from yesterday USD 8.25 closing price.

(Sourced from m.benzinga.com)