Deutsche Bank Weighs in as Blue-Collar Staffing Co, TrueBlue (TBI), Takes it on Chin

Deutsche Bank maintained a Hold rating on blue-collar staffing company TrueBlue (NYSE: TBI) and cut its price target to $15.00 (from $16.00). The price cut reflects an 18 percent cut to 2013 EPS estimates (from $1.14 to $0.94), which comes as Boeing (NYSE: BA) revenue is set to decline.

TrueBlue stock opened lower today by nearly 18 percent in the wake of a disappoint Q3 report.

"Boeing revenue is likely going to decline from $70m in '12E to $20m in '13E, which is about 4% headwind to '13E total rev growth," noted analyst Paul Ginocchio.

"With Boeing no longer a risk to our lowered 2013E revs, we think the trading multiple can expand once underlying rev trends stabilize YoY," he said.

For an analyst ratings summary and ratings history on TrueBlue click here. For more ratings news on TrueBlue click here.

Shares of TrueBlue closed at $15.98 yesterday.

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