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Bear Stearns Upgrades Central Parking to 'Buy'

Bear Stearns upgraded Central Parking (CPC) to buy from attractive.

Analyst Jennifer Childe says results were in line with her estimates and several pennies better than the consensus. She says results have convinced her that the company has implemented appropriate changes in systems, procedures and incentives, which will put it back on a growth trajectory.

Childe raised her $0.94 fiscal 2002 (Sept.) earnings per share estimate to $1.05, driven largely by anticipated margin expansion as cost controls and productivity gains were felt throughout the company. She sees $1.16 fiscal 2003 EPS and says her $30 target suggests 20% potential appreciation from current levels.

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