Resources Connection Price Target Cut to $10.50 (RECN)

Equities research analysts at Deutsche Bank decreased their price target on shares of Resources Connection (NASDAQ: RECN) from $11.00 to $10.50 in a research note issued to investors on Wednesday, AnalystRatingsNetwork reports. The firm currently has a “hold” rating on the stock.

The analysts wrote, “We lower our price target again due to our lowered EPS expectations. Feb qtr rev missed our expectations and the YoY rev declines worsened vs the Nov. qtr. Our May qtr EPS falls from $0.23 to $0.14 (previous Street $0.21) while our FY14E EPS decreases 15% from $0.75 to $0.64 (previous Street $0.73). We are lowering our price target from $11 to $10.50 due to our lower EPS expectations. We maintain our Hold rating.”

Resources Connection (NASDAQ: RECN) traded down 2.68% on Wednesday, hitting $11.99. Resources Connection has a 52-week low of $10.83 and a 52-week high of $14.19. The stock’s 50-day moving average is currently $12.65. The company has a market cap of $491.6 million and a price-to-earnings ratio of 21.84.

Resources Connection (NASDAQ: RECN) last announced its earnings results on Tuesday, April 2nd. The company reported $0.11 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.11. The company had revenue of $138.00 million for the quarter, compared to the consensus estimate of $140.88 million. During the same quarter in the previous year, the company posted $0.10 earnings per share. The company’s revenue for the quarter was down 3.7% on a year-over-year basis. On average, analysts predict that Resources Connection will post $0.57 earnings per share for the current fiscal year.

Resources Connection, Inc. (NASDAQ: RECN) is a multinational professional services firm. Its operating entities provide services under the name Resources Global Professionals (Resources Global).

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