UPDATE: Wunderlich Securities Downgrades Rush Enterprises to Hold, Raises PT
In a report published Monday, Wunderlich Securities downgraded its rating on Rush Enterprises (NASDAQ: RUSHA) from Buy to Hold, but slightly raised its price target from $22.00 to $23.00.
Wunderlich Securities noted, “Despite decelerating demand conditions in 2012, Rush (RUSHA) will likely post record FY12 EPS. This strong performance reflects the significant structural changes the company has seen over the past decade, insulating itself from the vagaries of the U.S. Class 8 truck market. The robust Parts & Service business will once again contribute more than 60% of gross profit in 2012, and we expect this streak to reach a sixth consecutive year in 2013. However, despite Rush's decreased reliance on new truck sales, the declining outlook for Class 8 retail sales has forced us to re-examine our expectations for 2013. As a result, we are lowering RUSHA estimates to reflect low growth in Class 8 retail sales, and downgrading shares to Hold.”
Rush Enterprises closed on Friday at $21.71.
Latest Ratings for RUSHA
|Oct 2014||Raymond James||Upgrades||Market Perform||Strong Buy|
|Sep 2014||Credit Suisse||Downgrades||Outperform||Neutral|
|Jul 2014||Credit Suisse||Maintains||Outperform|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.