Jefferies Starts Rent-A-Center (RCII) at Hold
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Jefferies initiates coverage on Rent-A-Center (NASDAQ: RCII) with a Hold rating and a price target of $10.00, saying valuation is attractive but they will look for fundamentals to recover before recommending the stock.
Analyst Kyle Joseph commented, "RCII's core business remains under pressure while recent NCO increases have weighed on growth at its virtual RTO segment - Acceptance Now. Given these two businesses represent ~97% of the consolidated results, we await a recovery in these segments before recommending the shares, despite the current discounted valuation versus AAN. With the 3Q16 pre-announcement, it appears trends continued to worsen which increases concerns on the sustainability of cash flows/eventual share repurchase activity, which we had considered potential catalysts for shares."
Shares of Rent-A-Center closed at $9.55 yesterday.
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