UPDATE: Stifel Downgrades Quality Distribution on Valuation & Energy Logistics Risk
In a report published Thursday, Stifel analyst John Larkin downgraded the rating on Quality Distribution (NASDAQ: QLTY) from Buy to Hold, and removed the $13.00 price target.
In the report, Stifel noted, “Downgrading from Buy to Hold as the company's shares appear fully and fairly valued. In fact, shares have actually traded through our 12-month fair value estimate of $13 (or 11.5x our 2015 EPS estimate of $1.15). Rating change is primarily valuation based as well as from our view that many transportation equities are trading ahead of the still mediocre underlying freight market fundamentals.”
Quality Distribution closed on Wednesday at $13.09.
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