UPDATE: Deutsche Bank Cuts PT to $37 on FTI Consulting on Q1 Miss
Deutsche Bank lowers its price target from $43 to $37 on Hold-rated FTI Consulting (NYSE: FCN) following a miss for Q1.
Deutsche Bank says, "After 1Q miss, we are lowering our PT from $43 to $37. We were surprised by the misses in FLC and Technology, which were partially offset by stronger than expected results in CorpFin/Restructuring. We are lowering our 2Q12E EPS from $0.75 to $0.74 (Street previously at $0.72) while our FY12E EPS moves from $2.80 to $2.65 (Street previously at $2.88). We are decreasing our PT from $43 to $37 based on our lower EPS estimates and a lower multiple."
FCN closed at $20.16 on Wednesday.
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