UPDATE: D.A. Davidson Decreases Price Target on Team Inc
In a report released Monday, analyst Tristan Richardson of D.A. Davidson and Company announces a price target trim on Team, Inc (NYSE: TISI) from $48 to $45, keeping the Neutral rating.
Richardson notes, "We are reducing our fiscal Q3 2014 projections to incorporate weaker productivity than we would normally expect in a seasonally weaker quarter in each of the company's segments: Mechanical, Inspection and Quest. Some of this work could be 'recouped' in future periods; however, the timing and magnitude of 'catch up' work is difficult to predict."
The reason listed for the decreased productivity has been the same story for most companies, weather. Poor weather conditions have yielded work delay and office closures across the nation.
TISI closed Friday at $44.68 and opened back up Monday at $44.50.
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