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Uploaded on Feb 23, 2010
2/23/2010- Morgan Stanley analysts are lowering their 2010 and 2011 EPS estimates and reducing their yearend 2010 price target for Echo Global Logistics (NASDAQ:ECHO).
The company now sees 2010 EPS of 41 cents, down from 45 cents per share, and 2011 EPS of 69 cents, down from 77 cents per share. The bank said that the new yearend 2010 price target is $17, down from $18.50.
Analysts William Green and Adam Longson said, "ECHO reported 4Q09 EPS of $0.15 vs. our estimate and consensus of $0.07. However, this included a large tax benefit that wasn't in our estimates. Net-net, operating income fell short by 1-2 cents as higher G&A costs and gross margin contraction more than offset better volumes."