UPDATE: Bank of America Raises Quality Distribution's PO
According to a research report published this morning, Bank of America has increased Quality Distribution's (NASDAQ: QLTY) PT from $18 to $19.
In the report, Bank of America said, "Quality Distribution posted adjusted 1Q12 EPS of $0.17, above our $0.15 estimate (consensus was also $0.15). Concurrent with its release, it announced plans to acquire 2 companies to expand its emerging Energy shale business into the Bakken. Nevertheless, despite performance topping targets, as Quality continues to execute according to its growth plan, and management finding accretive acquisitions that fit its asset-light model, QLTY's shares are down 20% since its last earnings release the end of March. We reiterate our Buy opinion."
Bank of America maintains its Buy rating on Quality Distribution, which closed yesterday at $10.79.
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