Jefferies Lowers Price Target on Quality Distribution to $10 (QLTY)
Jefferies is out with its report today on Quality Distribution (NASDAQ: QLTY), lowering its price target from $11 to $10.
In a note to clients, Jefferies writes, "Sentiment remains overwhelmingly positive on QLTY (we're the only Hold rating), while the shares only trade a little more than $1 million in value a day. That makes it hard to recommend the stock to institutional money right now. Turnarounds are rarely linear and our sense is that we'll get a more attractive entry point at some point. Our downwardly-revised year-end 2011 price target of $10 (previously $11) is based on an unchanged year-end 2011 P/E target of 14.0x on our downwardly-revised 2012e EPS estimate of $0.71 (previously $0.81)."
At the time of posting, shares of QLTY were trading at $9.08, down 2.89% from Tuesday's close.
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