February 6, 2018 / 6:15 PM / 10 months ago

BUZZ-Element Fleet Management: Shares sink after brokerages cut PT

** Fleet management co’s shares sink as much as ~34 pct at C$5.25 - hits a more than 5-year low

** Brokerages CIBC, Barclays, RBC, National Bank of Canada, TD Securities, Credit Suisse cut PT after co provided outlook on Monday

** Co sees 2018 core fleet adj operating income to be down about 3 pct to 5 pct

** “In short, the turnaround looks more like a 2019 event, rather than 2018,” says RBC’s Geoffrey Kwan

** 6 of 13 brokerages rate the stock “buy” or higher, 6 “hold” and 1 “sell”; median PT C$9

** Up to Monday’s close, stock had fallen ~39 pct in the past 12 months (Reporting by Taenaz Shakir in Bengaluru)

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