Oppenheimer Cuts Price Target on Sally Beauty Holdings (SBH) Ahead of 4Q Release
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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."
Shares of Sally Beauty Holdings closed at $25.94 yesterday.
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