Blue Bird falls after rating downgrade

Blue Bird

03/10/2024 14:29

** Shares of electric and low-emission school bus maker Blue
Bird  BLBD.O  down 4.1% premarket to $44.12, about 2-mth low,
after Roth MKM downgrades to 'neutral' from 'buy'
    ** BLBD on track to fall for 9th straight session, if losses
hold
    ** Brokerage says it is incrementally cautious on stock
after channel checks indicate continued inefficiencies at US
Environmental Protection Agency in dispersing funds for electric
vehicle school buses
    ** Roth adds it believes co will remain well managed under
continued leadership of Phil Horlock, but says two "false starts
on CEO changes are a real reason for concern"
    ** Brokerage sticks with $48 PT
    ** On Sept 9, Macon, Georgia-based co announced resignation
of Britton Smith, just about a month after he was tapped as the
next CEO
    ** Now, 5 of 7 analysts rate BLBD "strong buy" or "buy",
rest "hold"; median PT of $66 down from $52 on Jul 3 - LSEG data
    ** Through Weds close, shares have gained ~71% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))