UPDATE: Bank of America Reduces PO to $28 on The Greenbrier Companies
Bank of America lowers its price objective from $32 to $28 on Buy-rated The Greenbrier Companies (NYSE: GBX) to reflect near-term production headwinds.
Bank of America says, "GBX shares were down 6% yesterday following F2Q12 earnings as management noted that 3Q12 would be peak production for the year, as its plans to convert 2 lines to auto railcar manufacturing and the change-over a 3rd line in F4Q12 (of its 8 operational and 1 expansion lines). While deliveries increased to 3,700 in F2Q, up 68% year-over-year, shy of our 3,800 target, its backlog fell 6% sequentially, to 12,500 from 13,300."
GBX closed at $18.44 a share yesterday.
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