NewsPike Electric "outperform," target price reduced
11/12/07 - Robert W. Baird
NEW YORK, November 12 (newratings.com) - Analysts at Robert W Baird maintain their "outperform" rating on Pike Electric Corporation (PEC), while reducing their estimates for the company. The target price has been reduced from $26 to $20.
In a research note published this morning, the analysts mention that the company has posted its F1Q08 EPS short of the estimates and the consensus due to lower-than-expected revenue contribution from the storm restoration segment. Pike Electric has reduced its outlook for F2Q due to seasonality issues. The EPS estimates for 2008 and 2009 have been reduced from $0.72 to $0.69 and from $0.92 to $0.84, respectively, to reflect more conservative assumptions for the Powerline business and lower storm restoration revenues.