KeyBanc Starts Haverty (HVT) at Buy

July 8, 2013 1:46 PM EDT Send to a Friend
Get Alerts HVT Hot Sheet
Price: $21.22 -0.42%

Rating Summary:
    3 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 14 | New: 51
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KeyBanc initiated coverage on Haverty (NYSE: HVT) with a Buy rating and a price target of $30.00. Analyst Bradley B. Thomas expects a recovery in sales per square foot and long term growth opportunity.

"HVT is a small-cap growth story with attractive cyclical recovery potential, complemented by market share gains from marketing and merchandising initiatives. HVT is a regional furniture retailer with 120 stores, primarily in the South and Mid-Atlantic. From a cyclical perspective, we expect sales per square foot to recover to their prior peak of over $200 (up from $158 in 2012). Furthermore, we expect a number of initiatives to raise the long-term potential productivity for HVT to $250 per square foot," said Thomas.

"Should HVT expand its store base, as we expect in coming years, we see further upside to HVT's longer-term earnings power. In the near term, we expect strong comp growth coupled with an attractive 35.5% contribution rate to drive over 75% earnings growth in 2013 despite a net reduction of stores," he said.

For an analyst ratings summary and ratings history on Haverty (NYSE: HVT) click here. For more ratings news on Haverty click here.

Shares of Haverty closed at $23.56 yesterday.


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