S&P Equity Research Downgrades Barnes & Noble (BKS) to Sell
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S&P Equity Research downgrades Barnes & Noble (NYSE: BKS) from Hold to Sell.
S&P analyst, M. Souers, says, "BKS shares are up over 25% in the past two months, and are now trading above our $31 DCF-based target price. We think a challenging macro-environment, increased price competition, and the lack of a Harry Potter book to boost traffic and sales in FY 09 (Jan.) will more than offset efforts to rein in SG&A costs. Longer-term, we think demographic trends are unfavorable, with declining adult readership levels and increased price competition from Internet-based retailers. Trading at nearly 18X our FY 09 EPS estimate of $1.85, we think the shares are overvalued."
Barnes & Noble, Inc. (Barnes & Noble) is primarily engaged in the sale of books.[SM]
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