KeyBanc Reiterates a 'Buy' on Lumber Liquidators (LL); Core Growth Holding
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KeyBanc reiterates a 'Buy' rating on Lumber Liquidators (NYSE: LL), price target increased from $26 to $28.
KeyBanc analyst says, "We recently spent time with senior management from Lumber Liquidators, meeting with President and CEO Jeff Griffiths and CFO Dan Terrell...Significant Market Share Opportunity Remains. LL has an estimated 8-9% of the hardwood market, and just 3-4% in laminates. Management believes there is plenty of room to gain share from an estimated 13,000 independent dealers, without needing to take share from Home Depot (NYSE: HD) or Lowe's (NYSE: LOW). Importantly, Lumber Liquidators offers better price and service that HD or LOW, allowing LL to compete successfully; however, that is not the primary growth opportunity at this point. Management plans to open 30-40 stores annually for the foreseeable future, with a goal of 400 stores in North America. Longer term, the Company has an opportunity to expand overseas or into the contract segment, but there is no urgency to implement such plans...Shares of LL currently trade at 26x and 21x our 2009 and 2010 EPS estimates of $0.95 and $1.15, respectively...Our new 12-month price target of $28 is based on a multiple of 24x our 2010 estimate of $1.15, based on our continued positive outlook for sales and margins."
To see all the upgrades/downgrades on shares of LL, visit our Analyst Ratings page.
Lumber Liquidators, Inc. operates as a specialty retailer of hardwood flooring in the United States. It offers an assortment of hardwood flooring that includes prefinished premium domestic and exotic hardwoods, engineered hardwoods, unfinished hardwoods, bamboo, cork, and laminates.
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