) to peer perform from underperform.
Analyst David Hochstim says the automobile financing company recently demonstrated the ability to find long-term financing for receivables it originates. He notes AmeriCredit reported April trust data that indicated some stability in credit quality. He can now value the balance sheet with greater confidence to the extent that credit is not spiraling out of control.
Hochstim says cash distributions from trusts remain limited, as expected, but he thinks AmeriCredit should continue to generate sufficient cash to support reduced originations. Hochstim sees 54 cents fiscal 2003 (Jun.) earnings per share, and raised the 86 cents calendar 2003 estimate to 98 cents.