Banc of America Cuts UnumProvident to Neutral from Buy
Says the company’s costs were disappointing for the fourth quarter in a row Banc of America downgraded UnumProvident (UNM ) to neutral from buy, explaining that the company’s costs were disappointing for the fourth quarter in a row.
Analyst Tamra Kravec sees this pointing to a recurring event that could take 12 to 18 months to fix, vs. her prior view that the company would be able to address the issue. The analyst cut a $1.95 2006 earnings per share (EPS) estimate to $1.85 and a $27 stock price target to $24. While today’s stock price weakness creates some upside to the new target, it’s not enough to maintain a buy rating. The anlayst says a turnaround has come a long way since early 2005, but the company’s shares must now provide a better buying opportunity.
More: businessweek.com
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