Griffin Securities Cuts Price Target on Pike Electric (PKE) Following Q2 Miss, Maintains Buy Rating

Griffin Securities is maintaining its Buy rating on shares of Pike Electric (NYSE: PKE) and is lowering its price target from $40 to $35 following its Q2'12 results.

The company released its second quarter results with earnings per share $0.10 below the Street's expectations. As a result the firm is reducing its FY12 EPS estimate from $1.78 to $1.57. Griffin is also introducing its 2013 estimate at $1.90.

The firm noted that June was the strongest month in the second quarter as demand continued to fade in July and even deeper as moved into August. Management highlighted that demand has picked back up in the current quarter and that trends are normal.

PKE has a really liquid balance sheet with cash totaling $12.39 per share in the most recent quarter.

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

Shares of Pike Electric closed at $22.54 yesterday.

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