Stifel Starts Rush Enterprises Inc. (RUSHA) at Hold
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Stifel initiates coverage on Rush Enterprises Inc. (NASDAQ: RUSHA) with a Hold rating and a price target of $22.00.
Analyst Michael Baudendistel commented, "We are cautious currently, as valuation appears stretched relative to historical averages and as we expect 2017 will be a challenging year for new truck sales, especially in Class 8 tractors due to equipment excesses, and our expectation that used truck fundamentals may deteriorate further given the steady supply of trucks expected to enter the market. But, Rush may show some stability relative to its peers given its steady parts and service income and a somewhat less cyclical customer base, which may limit downside for the stock. Our 12-month target price is $22 (or 14.0x our 2018 EPS estimate of $1.55)."
Shares of Rush Enterprises Inc. closed at $24.18 yesterday.
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