UPDATE: Sterne Agee Downgrades The Greenbrier Companies to Neutral, Lowers PT

In a report published Friday, Sterne Agee Group downgraded its rating on The Greenbrier Companies

from Buy to Neutral, and lowered its price target from $29.00 to $16.00. Sterne Agee noted, “We are downgrading GBX to Neutral from Buy due to a disappointing outlook for F'13 EPS driven by weak demand for Intermodal and Grain railcars. We believe that backlog could be flat for several quarters until non-tank railcar demand recovers. In addition, we believe increased macro concerns increase the risk that non-tank car demand could weaken further. We are lowering our F'13/F'14 EPS and lower our PT from $29 to $16.” The Greenbrier Companies closed on Thursday at $14.49.