Salomon SB Cuts Mobile Mini to 'Neutral'
Mobile Mini (MINI ) reported first quarter EPS from operations of $0.31, and cut 2002 guidance.
Salomon Smith Barney downgraded the stock to neutral from buy. Analyst Davis Reidel says while first quarter EPS met expectations, the company cut guidance, primarily on weakness in construction activity (30% of its business). Reidel says this is a significant disappointment, as the company's business remained strong throughout the 2001 slowdown. He says MINI does not believe this is a pricing issue, but he thinks pricing will likely be the main topic on the conference call tomorrow. He believes a positive catalyst is unlikely until later this year.
Reidel cut EPS estimates from $1.69 to $1.46 for 2002, from $2.15 to $1.80 for 2003, and a 25% long term EPS growth rate to 20%.
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