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Huron Consulting (NASDAQ:HURN): Colour on news

Notable Calls (August 3rd, 2009) Writes:
div style="text-align: justify;"span style="font-weight: bold;"Huron Consulting (NASDAQ:HURN)/span is getting lots of commentary following news out late Friday as the co disclosed need to restate financials for 2006-2008 and 1Q09 due to accounting errors, withdrew 2009 EPS guidance and lowered revs guidance by 12%, deals with an SEC investigation and announced the departure of CEO/CFO:br /br /span style="font-weight: bold;"- Baird is downgrading HURN to Underperform with a $15 tgt (prev. $50) /spanon lack of confidence in their estimates as their previous concerns about retention of MDs has increased significantly given the restatement of earnings, potential reputational damage, the SEC inquiry, senior management turnover, disappointing 2Q09 results and lower 2009 top-line guidance indicative of no bonuses being paid in 2009.br /br /Firm's $15 price target represents 5.0x FTM estimated EV/EBITDA including stock comp expense or half the average of the previous six quarters given the significantly negative implications of Friday's announcement. While ...

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