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Baird Downgrades Stewart & Stevenson

Baird downgrades Stewart & Stevenson Services (SVC) to neutral from outperform.

Analyst George Gaspar says the stock has appreciated 61% since bottoming on Mar. 16 at $12.46 amid a major restructuring in each of the company's segments outside Tactical Vehicle Systems (TVS). He believes many of these restructuring programs look to be successfully in place and on track to execution.

However, he believes the current stock price largely discounts this notable operation turnaround without a more discernible position on the Tactical Vehicle Systems (TVS) FMTV-3 contract operating margin view. Gaspar cut his $1.05 fiscal 2006 (ending January) estimate to 94 cents.

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