Benchmark Downgrades eResearch Technology (ERT) to Hold; Execution Inconsistency Prompts Downgrade
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Price: $7.98 --0%
Rating Summary:
0 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
0 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Benchmark downgraded eResearch Technology (NASDAQ: ERT) to Hold with a price target of $6.50.
Benchmark analyst says, "Management attributed soft Q2 results to $1.5 million in delayed clinical trial starts and three operational factors. Revenue of $42.8 million in Q2 missed our consensus-matching $44.9 forecast. Pro-forma EPS was $0.06 versus the $0.10 consensus and our $0.11 forecast. Guidance was reduced for 2011 but cancellations adjusted book-to-bill was strong at 1.4x."
For more ratings news on eResearch Technology click here and for the rating history of eResearch Technology click here.
Shares of eResearch Technology closed at $6.43 yesterday.
Benchmark analyst says, "Management attributed soft Q2 results to $1.5 million in delayed clinical trial starts and three operational factors. Revenue of $42.8 million in Q2 missed our consensus-matching $44.9 forecast. Pro-forma EPS was $0.06 versus the $0.10 consensus and our $0.11 forecast. Guidance was reduced for 2011 but cancellations adjusted book-to-bill was strong at 1.4x."
For more ratings news on eResearch Technology click here and for the rating history of eResearch Technology click here.
Shares of eResearch Technology closed at $6.43 yesterday.
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