Dougherty & Co Cuts Price Target on Spartan Motors (SPAR), Demand Looks to Be Slowing
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Price: $17.08 --0%
Rating Summary:
3 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Dougherty & Co is maintaining its Neutral rating on shares of Spartan Motors (NASDAQ: SPAR), but is lowering its price target by $1 to $6.
The firm notes that the lower price target reflects lower estimates as weakness in the motor-home segment continues and military orders decline. During the quarter, the company incurred $2.8 million in restructuring costs as it anticipates $4 million in saving annually from it.
The company released its Q2 results ahead of the firms estimates. The firm noted that SPAR didn't offer guidance but that its backlog gives reasonable visibility into the coming quarter’s sales levels.
Currently the firm is forecasting EPS of $0.01 for 2011 and $0.20 for 2012. Revenue for the two years are estimated to be $422.5 million and $450 million.
For more ratings news on Spartan Motors click here and for the rating history of Spartan Motors click here.
Shares of Spartan Motors closed at $5.28 yesterday.
The firm notes that the lower price target reflects lower estimates as weakness in the motor-home segment continues and military orders decline. During the quarter, the company incurred $2.8 million in restructuring costs as it anticipates $4 million in saving annually from it.
The company released its Q2 results ahead of the firms estimates. The firm noted that SPAR didn't offer guidance but that its backlog gives reasonable visibility into the coming quarter’s sales levels.
Currently the firm is forecasting EPS of $0.01 for 2011 and $0.20 for 2012. Revenue for the two years are estimated to be $422.5 million and $450 million.
For more ratings news on Spartan Motors click here and for the rating history of Spartan Motors click here.
Shares of Spartan Motors closed at $5.28 yesterday.
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