Wedbush Downgrades Willdan Group (WLDN); Lowering Estimates on Expected Impairment Charge
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Price: $2.60 --0%
Rating Summary:
0 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 14 | Down: 14 | New: 21
Rating Summary:
0 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 14 | Down: 14 | New: 21
Trade WLDN Now!
Wedbush downgraded Willdan Group (NASDAQ: WLDN) from Outperform to Neutral. Suspends $5 price target.
Analyst, Al Kaschalk, said, "We are downgrading shares of Willdan Group due to the weakness in the company’s energy efficiency business. We believe the slowdown has continued since the company reported disappointing results in Q1 (reported May 10, 2012) and that it will take time to recover. Further, we believe as clients become closer to reaching their energy efficiency goals, the amount of work to be performed and the profitability of such work are expected to be negatively impacted."
"With the ramp-down and renegotiation of a large energy contract, we believe the company will need to adjust and ultimately write-off all of its $15.2 million in goodwill recorded on its balance sheet." (FY12 EPS estimate cut from $0.26 to (2.19) and FY13 from $0.55 to $0.11)
For an analyst ratings summary and ratings history on Willdan Group click here. For more ratings news on Willdan Group click here.
Shares of Willdan Group closed at $1.74 yesterday, with a 52 week range of $1.33-$4.18.
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Analyst, Al Kaschalk, said, "We are downgrading shares of Willdan Group due to the weakness in the company’s energy efficiency business. We believe the slowdown has continued since the company reported disappointing results in Q1 (reported May 10, 2012) and that it will take time to recover. Further, we believe as clients become closer to reaching their energy efficiency goals, the amount of work to be performed and the profitability of such work are expected to be negatively impacted."
"With the ramp-down and renegotiation of a large energy contract, we believe the company will need to adjust and ultimately write-off all of its $15.2 million in goodwill recorded on its balance sheet." (FY12 EPS estimate cut from $0.26 to (2.19) and FY13 from $0.55 to $0.11)
For an analyst ratings summary and ratings history on Willdan Group click here. For more ratings news on Willdan Group click here.
Shares of Willdan Group closed at $1.74 yesterday, with a 52 week range of $1.33-$4.18.
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