By Tampa Bay Business Journal

Deutsche Bank initiated coverage of Walter Industries Inc. and two other coal companies.

Walter Industries (NYSE: WLT), headquartered in Tampa, was initiated with a buy rating as was Patriot Coal Co. (NYSE: PCX), headquartered in St. Louis, according to a report on MarketWatch.com.

Massey Energy Co. (NYSE: MEE), based in Richmond, Va., has a hold rating.

Deutsche Bank also cut its rating on Arch Coal Inc. (NYSE: ACI), based in St. Louis, to hold from buy, the report said.

⿿Overall we favor North American coal companies with exposure to the metallurgical coal market that are reasonably valued,⿝ Deutsche Bank analysts said in a note to clients. ⿿Logistical constraints and supply disruptions are catalysts that can drive volatility and support higher prices.⿝

Copyright 2011 American City Business Journals

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