UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on FTI Consulting on Model Update Following Further Review

In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on FTI Consulting FCN, but lowered the price target from $42.00 to $40.00. In the report, Deutsche Bank noted, “We misread a couple comments in the 3Q call transcript last week and on further review we have updated our model. We are decreasing our 4QE EPS from $0.71 to $0.50 (prior Street at $0.45) and taking our FY14E EPS down 10% from $3.04 to $2.75 (prior Street $2.63). Nearly half our '14E EPS change is due to corrected calculations, with the other half being reduced underlying assumptions. We maintain our Hold. Our Hold is based on a relatively full multiple but somewhat conservative consensus expectations.” FTI Consulting closed on Thursday at $42.90.