B. Riley FBR analyst Lucas Pipes downgraded Peabody Energy to Neutral from Buy with a price target of $12, down from $26. The company's Q3 adjusted EBITDA miss was driven by soft volumes and elevated costs in the met coal segment, Pipes tells investors in a post-earnings research note. Peabody also announced a significant delay in the timing for production at North Goonyella following the conclusion of management's review, adds the analyst. Management now expects no meaningful production for at least three years. Pipes cites increased uncertainty surrounding costs in the met coal segment, higher than expected capital spending, and concerns around the future of North Goonyella for the downgrade to Neutral.