Deutsche Bank Downgrades TrueBlue (TBI) to Hold; Fully Valued

Deutsche Bank downgraded TrueBlue (NYSE: TBI) from Buy to Hold, price target lowered from $18 to $13.

Deutsche analyst says, "Although we are lowering our revenue estimates for TBI based on continued economic uncertainty, we believe that TBI could generate more revenue in 2H11E than in 1H11A from the Boeing contract, which is not in our model. Unfortunately, it is likely not enough to offset the overall light industrial staffing slowdown. We believe revenue upside could come from Boeing (NYSE: BA) as idled 787 production facilities coming back on-line and as planes are readied for delivery."

For more ratings news on TrueBlue click here and for the rating history of TrueBlue click here.

Shares of TrueBlue closed at $13.27 yesterday.

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