Deutsche Bank Upgrades Blue Nile (NILE) to Hold; Improving Fundamentals
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Deutsche Bank upgrades Blue Nile (Nasdaq: NILE) from Sell to Hold. Price target increased from $30 to $50.
Deutsche analyst says, "Three reasons for our rating change: 1) valuation is still rich, but making progress in share gains from retail disruption, 2) diamond pricing expected to be stable in the near term, especially if there is no real growth in consumer demand and 3) seeing signs of improvement internationally, which could represent a new leg of growth for the story longer-term. As for 3Q results, revenues/EPS came in at $66.9mn/$0.17 vs. DB at $65.5mn/$0.15...Our 4Q09 estimates now call for revenue/EBITDA of $106.5mn/$11.1mn vs. $95mn/$9.9mn previously while our GAAP EPS estimate is now $0.38 vs. $0.34 previously. Pro-forma EPS is at $0.50 vs. $0.46 previously. For 2010, we are now> forecasting revenue/EBITDA of $332.5mn/$34.9mn vs. $292mn/$28mn previously, GAAP EPS of $1.10 vs. $0.90 previously and pro-forma EPS of $1.58 vs. $1.29 previously. We are also introducing our 2011 estimates, with $360mn/$41.7mn/$1.78/$1.32 in revenues/EBITDA/pro-forma EPS/GAAP EPS."
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