Walter Energy -8.2% as Wells Fargo downgrades, cuts earnings estimate

|About: Walter Energy, Inc. (WLT)|By:, SA News Editor

Walter Energy (WLT -8.2%) is downgraded to Market Perform from Outperform with a $10-$13 target price range from $18-$20 at Wells Fargo.

With China potentially slowing again due to tightening credit, the firm believes coal prices will remain challenging in 2014; the analysts also cite WLT's high debt and weak earnings as reasons for the target cut.

The firm also cuts its 2014 EPS estimate to a $2.56 loss from a $1.03 loss.