Список проголосовавших за комментарий " <table class="BriefingDataTable" border="0" cellspacing="0" cellpadding="0"><tr> <td class="tickerColumn"> </td> <td class="articleColumn">TravelCenters of America target lowered to $11 at FBR & Co. (6.15)FBR & Co. lowers their TA tgt to $11 from $14 after co reported a solid 4Q16 miss, versus ests, primarily due to higher SG&A and D&A expenses and soft fuel volumes. Several things are at work here: First, in 1Q15, TA materially benefited from the sharp decline in fuel prices. This disappeared (in fact, reversed) in 2016. Additionally, TA went on a buying spree of C-stores in 2015, which it has spent much of 2016 integrating and upgrading. The costs associated with this should moderate significantly in 2017, while the ramping EBITDA benefits should begin to materialize. TA also spent heavily on upgrading its travel centers in 2016, expanding its restaurant offerings and investing in energy-efficiency initiatives. Whether or not investors hang around to reap the expected returns is another question. <strong>While firm believes investor patience is running thin, they stick with their Outperform rating at this time to see if these mgmt initiatives pay off in 1H17.</strong></td> </tr></table>"