FCN Reduces Its 2010 Guidance; Assumes Current Conditions Will Continue

Analysts at Oppenheimer & Co downgrade FTI Consulting Inc FCN from "outperform" to "perform," while reducing their estimates for the company. The analysts have removed their price target of $48 for the company. FCN pre-announced its 2Q10 revenue and EPS short of the estimates and consensus. FTI Consulting also reduced its 2010 revenue and EPS guidance, with an assumption that current conditions will continue. “Essentially, FCN's 2Q10 y/y decline (vs. 2Q09 peak) in Bankruptcy/Restructuring (1/3 of FCN's business) was more than we had anticipated. Simultaneously, 2Q10 aggregate y/y growth in FCN's pro-cyclical segments (2/3 of FCN's business) was below our expectation… FCN will host a call today at 9am ET on 888-282-4591 to discuss "preliminary 2Q10 results and updated 2010 guidance,” Oppenheimer & Co mentions. Oppenheimer has lowered its EPS estimates for 2010 and 2011 from $3.10 to $2.65 and from $3.52 to $3.00, respectively. More Analyst Ratings here