Oppenheimer Cuts Price Target on Sally Beauty Holdings (SBH) Ahead of 4Q Release

November 1, 2016 9:50 AM EDT
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Price: $25.27 +0.08%

Rating Summary:
    14 Buy, 8 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 18 | Down: 17 | New: 10
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Oppenheimer maintained an Outperform rating on Sally Beauty Holdings (NYSE: SBH), and cut the price target to $29.00 (from $35.00), ahead of the company's 4Q earnings report. Oppenheimer cut its 2017 EPS estimates to $1.75, below the Street's $1.86 estimate.

Analyst Rupesh Parikh commented, "SBH is expected to report Q4 results in November. Earlier this year, we upgraded SBH shares in a note titled An Attractive Mid-Cap Play for the Current Environment ($25.62, 1/26). After making progress in Q1, the company has taken a few steps back lately due to disruption associated with the meaningful store changes, marketing missteps, and the recent unexpected CFO resignation. In today’s piece, we took a fresh look at the story. Based on our work, we see a difficult outlook likely persisting at least a few more quarters including a potential Street earnings reset on the print. However, we still view the risk/reward as attractive at these levels, but similar to other retail turnarounds, patience is needed as they very rarely work in a straight line."

For an analyst ratings summary and ratings history on Sally Beauty Holdings click here. For more ratings news on Sally Beauty Holdings click here.

Shares of Sally Beauty Holdings closed at $25.94 yesterday.

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