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Credit Suisse Cuts Universal Technical Institute

Credit Suisse downgraded Universal Technical Institute (UTI) to underperform from neutral, citing limited visibility.

Analyst Gregory Cappelli says the company's second quarter $88 million to $89 million revenue guidance falls below his former $90 million estimate. Second quarter net income margin guidance of 8.5% to 9% (including stock-based compensation), which implies 26 cents to 28 cents earnings per share (EPS) misses his former estimate of 32 cents. He says the company cited several reasons for the second quarter top-line shortfall, including lower-than-expected student starts, which stem from Gulf Coast hurricanes as well as other issues. He cut his $1.33 fiscal year 2006 (ending Sept.) EPS estimate to $1.02, and his $1.55 fiscal year 2007 estimate to $1.07.

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