UPDATE: Deutsche Bank Lowers PT to $24 on FTI Consulting on Weak Demand Environment
Deutsche Bank reiterated its Hold rating on FTI Consulting (NYSE: FCN) and reduced its price target on shares from $37 to $24.
Deutsche Bank noted, "FCN announces layoffs of 3% of total workforce due to weak demand. Friday after the close FTI Consulting announced it was laying off 115 employees or 3% of its total workforce due to weak current demand. FCN is also consolidating six office locations and management stated that it also expects to take more real estate actions in 3Q. The special charge for the 2Q actions will be $28m, of which $23m is a cash cost."
FTI Consulting closed at $29.13 on Friday.
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