Credit Suisse Upgrades The Michaels Companies (MIK) to Outperform
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Credit Suisse upgraded The Michaels Companies (NASDAQ: MIK) from Neutral to Outperform and maintains a price target of $29.00.
Analyst Seth Sigman sees favorable risk/ reward following the recent pull back in the stock, citing:
1) lower 2H bar, with potential for comps/ margins to improve after a somewhat disappointing Q2, supported by a number of merchandising and sourcing initiatives;
2) other EPS drivers - de-levering, tax benefits, FX;
3) unique model characteristics in an uncertain consumer environment: relative defensiveness/ less e-commerce risk/ continued positive traffic growth, which compares favorably to most other retailers;
4) consolidation optionality, which has been a big positive for leaders in other sectors;
5) attractive valuation.
Shares of The Michaels Companies closed at $24.41 yesterday.
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