KeyBanc lowers its rating on Sterling Construction STRL from Buy to Hold after the company pre-announced negatively on fourth quarter results.
KeyBanc says, "STRL preannounced that 4Q11 results would be impacted by $0.23-$0.27 per share (aftertax) on account of a revision in project estimations on several projects – the Company will also be taking a charge related to goodwill impairment post its annual test/review of goodwill. We view the project issue-related charges as disappointing and note that these follow a 3Q that was impacted by a similar profile of charges. This translates into a loss quarter for 4Q11 of at least $0.02 (excluding any goodwill impairment charge) vs. our estimate of $0.24 and consensus of $0.22."
STRL closed at $12.30 a share yesterday.
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