Deutsche Bank Reports Positive 1Q11 For Mobile Mini

According to Deutsche Bank, Mobile Mini MINI reported positive 1Q11 leasing revenue growth YoY and above consensus revenues. Deutsche Bank said that while demand is improving, costs associated with higher utilization and headcount weighed on results and will be a drag in the near term. “Margin pressures should ease as more units go out on rent and the hybrid sales model ramps, but 2011 margins will likely decline YoY. We maintain our Hold due to the slow rebound in leasing ops, expected margin declines and high valuation relative to near term growth expectations.” Mobile Mini closed yesterday at $23.56.