Sally Beauty Holdings (SBH): Thought After CEO Meeting - Cowen
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Cowen analyst, Oliver Chen reiterated his Outperform on shares of Sally Beauty Holdings (NYSE: SBH) after meeting with the CEO and learning that the majority of disruptive initiatives such as "hair care reset, packaging updates, store refreshes, IT, & DC updates" are completed. Going forward, the company can focus on training store associates to improve selling, tweaking the right marketing focus, optimizing loyalty, & adding new brands.
The analyst expects a steady pace of share gains in professional beauty products. "Existing share leadership (32% NA share), a scale Beauty Club Card loyalty program, global growth runway (23% of sales), and hair care focus (45+% mix) will drive steady low single digit comps and consistent store growth (+2-3%) in a relatively recession resistant industry".
No change to the price target of $29.
Shares of Sally Beauty Holdings closed at $26.44 yesterday.
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