NEW YORK (MarketWatch) -- Deutsche Bank on Tuesday initiated coverage of Patriot Coal Corp. /quotes/comstock/13*!pcx/quotes/nls/pcx (PCX 24.05, +0.48, +2.04%) and Walter Industries Inc. /quotes/comstock/13*!wlt/quotes/nls/wlt (WLT 134.38, +2.45, +1.86%) with buy ratings, and Massey Energy Co. /quotes/comstock/13*!mee/quotes/nls/mee (MEE 57.10, +0.50, +0.88%) with a hold rating. Deutsche Bank also cut its rating on Arch Coal /quotes/comstock/13*!aci/quotes/nls/aci (ACI 34.25, -0.19, -0.55%) to hold from buy. "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."