Zacks Investment Research downgraded shares of FTI Consulting Inc. (FCN) from NEUTRAL to UNDERPERFORM on May 29, 2012, with a target price of $28.00.
FTI Consulting began 2012 on disappointing note. Its first-quarter 2012 results were discouraging due to weak performances of Technology, Forensic and Litigation, and Strategic Communications segments. Margins also remained poor in the first quarter due to increased expense burden. Additionally, the company experienced a slowdown in the growth of Asia-Pacific region, after enjoying continuous rise in 2011. Moreover, outlook for litigation activity also remains sluggish for 2012. Furthermore, we remain cautious on the stock due to an increased uncertainty surrounding the current market, a slow capital market in Europe and weak client spending. Hence, we downgrade the stock from Neutral to Underperform.
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