Sterne Agee Reiterates Buy on TAL International (TAL)

Sterne Agee is out with its report today on TAL International TAL, reiterating Buy. In a note to clients, Sterne Agee writes, "TAL reported adj. 4Q EPS of $0.76, including a $0.12 benefit from an increase in the estimated residual values used in the depreciation calculation. Excluding this $0.12 benefit, 'apples to apples' EPS was $0.64, $0.02 better than our and consensus estimate of $0.62. Revenue, expenses, gains on sales, and equipment trading all topping estimates." Sterne Agee has a $38 PT on TAL. Shares of TAL are trading pre-market at $34.50, up 3.20% from Wednesday's close.