Morgan Stanley Cuts Price Target on At Home Group (HOME) Following 2Q EPS Beat
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Morgan Stanley maintained an Equalweight rating on At Home Group (NYSE: HOME), and cut the price target to $16.00 (from $17.00), following the company's 2Q earnings report. HOME reported an EPS of $0.13, above the consensus estimate of $0.11. The lower price target reflects recent lower re-ratings across retail.
Analyst Simeon Gutman commented, "HOME's results in their first quarter as a public company were better than expected. EPS of $0.13 were above consensus of $0.11, driven by better comps (+0.9% vs. +0.5%) and gross margin (32.9% vs. 32.5%). While GM declined 90 bps, core merch margins were flat YoY suggesting HOME did not succumb to heightened promotions to drive top-line growth, something we are seeing across the home furnishings space. SG&A delevered 230 bps and grew ~35% YoY due to a 25% increase in store count and marketing investments. Altogether, adj'd EBITDA grew ~2% YoY to $32.2 million."
Shares of At Home Group closed at $12.45 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
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