UPDATE: Oppenheimer Lowers Mobile Mini's PT
According to a research report published this morning, Oppenheimer has lowered Mobile Mini's (NASDAQ: MINI) PT from $26 to $21.
In the report, Oppenheimer said, "MINI delivered 1Q12 non-GAAP EPS of $0.12 vs. our estimate/consensus of $0.17/$0.18. Total revenue of $87.9M (+6% y/y) compared to our/consensus of $86.5M/$89.2M. Leasing revenue of $77.6M (+7% y/y) topped our estimate of $75.2M. Average utilization continued to trend favorably y/y, increasing to 56.8% in 1Q12 vs.53.9% in 1Q11. However, adjusted EBITDA of $28.4M (-5% y/y) was well below our $31.8M on larger than expected, and unexpected, growth and maintenance opex. As a result, despite maintaining our 2012E/2013E revenue, we're reducing our EBITDA/EPS estimates. We're also reducing our price target to $21 on our reduced outlook, but maintain our Outperform given Friday's sentiment reset."
Mobile Mini closed Friday at $16.60.
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