UPDATE: Deutsche Bank Raises PT on Walter Energy to $160 (WLT)

Deutsche Bank is out with its report today on Walter Energy WLT, raising its PT from $155 to $160. In a note to clients, Deutsche Bank writes, "WLT is set to close its acq'n of Western Coal in coming weeks and we are upping our ests to reflect our + views on these assets, deal benefits and met coal. This combination creates the 5th largest global met supplier & leading met/export player. Newco will have roughly 403m t of reserves and we estimate will ship 16.3m and 19.7m tons in 2011-12 (met = 13.1m t and 15.9m t), respectively, including to Latam/Asian growth markets. Given valuation and positive views, we re-iterate our Buy and raise PT to $160 (was $155)." Shares of WLT closed Thursday at $122.27, up 0.47% from Wednesday's close.