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Broker snap: UBS pares target for APR Energy
26-10-2012 13:02
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UBS has cut its target price for temporary power specialist APR Energy from 600p to 530p and retained its 'sell' rating on the stock after third-quarter revenues were a 'significant disappointment'.
The broker estimates that utilisation in the third quarter of 60% was 20 percentage points below industry norms.
"Combined with continued disappointing order intake, we continue to believe there is insufficient capital discipline in the business, with fleet growth prioritised over fleet utilisation."
UBS said that more consensus earnings downgrades on Friday reflect the "continued execution risk in the business." Currently, the broker's forecasts at 27% below consensus.
The broker estimates that utilisation in the third quarter of 60% was 20 percentage points below industry norms.
"Combined with continued disappointing order intake, we continue to believe there is insufficient capital discipline in the business, with fleet growth prioritised over fleet utilisation."
UBS said that more consensus earnings downgrades on Friday reflect the "continued execution risk in the business." Currently, the broker's forecasts at 27% below consensus.
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