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Qihoo 360 Technology Co. Ltd. Message Board

taexpert928 41 posts  |  Last Activity: 14 hours ago Member since: Aug 22, 2011
  • ITT Educational (ESI) Stock Defended at Wells Fargo
    September 19, 2014 3:45 PM EDT

    Wells Fargo maintained an Outperform rating on ITT Educational Services (NYSE: ESI) but reduced its price target to $21-$24 (from $26-$29). Earlier the company filed an 8-K discussing a larger than anticipated letter of credit requirement from lenders. It also received a wells notice from the SEC . In the view of analyst Trace Urdan, the stock's decline is an overreaction.

    Regarding the Wells Notice, Urdan trimmed valuation by $50 million to account for possible settlement. Regarding the LOC, he said it should not be a surprise.

    While he trimmed estimates, he said the stock is "dramatically oversold" and implies going concern risk that he does not see.

58.69+1.82(+3.20%)Dec 18 4:04 PMEST

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