FBR lowers coal on steel, but raises Walter

摘要

Analysts at FBR Capital Markets lowered their price targets on coal sector companies Tuesday by an average of 11% due to lowered expectations for 2011 steel demand. That demand is seen by the Arlington, Virginia-based investment bank as flat with 2010, down from a previous estimate of up by 5.4%. In an investor note, FBR attributed its new 2011 steel demand expectations to “tightening credit and weakening global economics.” Key to the lower revision in global steel demand, according to FBR, is its new forecast for “2011 Chinese steel demand to decline by 13 million mt,” or down 2.3% year-over-year.