UPDATE: Bank of America Lowers PT on TAL International from $43 to $40

Bank of America has published a report on TAL International TAL lowering the price target but also reporting an increase in other metrics, such as EPS. In the report, Bank of America wrote, "TAL International posted normalized EPS of $0.99, topping our $0.82 target and consensus' $0.83. Revenues were $120 million, up 38% year-over-year, but $6 million below our estimate due to a $6 million equipment trading revenue miss (-$0.10/sh). However, operating expenses of $43 million were $13 million below our target, benefiting from lower equipment trading expenses ($0.08/sh) and higher leasing equipment sales (+$0.17/sh), aided by a strong used container market." Bank of America rated TAL International a BUY with a price target lowered from $43.00 to $40.00.