Blue Bird soars after lifting 2023 outlook, PT raises

Blue Bird

09/02/2023 17:39

** Shares of school bus maker Blue Bird Corp  BLBD.O  jump
36.9% to $18.89 after co raises its 2023 forecast
    ** Stock hits highest in more than 10 months
    ** Co raised its FY 2023 earnings before interest, taxes,
depreciation, and amortization forecast to $40 mln-$46 mln vs
avg analysts' estimate of $40.2 mln - Refinitiv
    ** BLBD also lifted its 2023 revenue forecast to over $1 bln
compared with an earlier forecast between $900 mln-$1 bln
    ** At least two brokerages raise PT
    ** Brokerage DA Davidson & Co lifts PT to $17 from $14.5
    ** "With the school-bus cycle not tied to the broader macro
picture, and the sector just passing the trough, we believe now
is the time to jump in to BLBD's shares," says the brokerage
    ** Stock had fallen 31.5% last year 
 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))