Soleil Securities Initiates Coverage on Stewart Enterprises (STEI) with a Buy; Takeover Bid Providing Downside Support
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- Stewart Enterprises (STEI) Tops Q2 EPS by 6c
Soleil Securities initiates coverage on Stewart Enterprises (Nasdaq: STEI) with a Buy. Price target $6.50
Soleil analyst says, "STEI is at an inflection point and is poised to have the wind at its back for next few quarters...Cash flow remains strong - management recently raised its dividend by 20% to $0.12 per share annually on September 16th (~2.3% yield)."
"Previous takeover bid by Service Corp. should provide downside support - on June 25th 2008 Service Corporation offered to purchase STEI for $9.50 per share - a 26.3% premium to the previous day's closing price...We sense that STEI's Chairman Frank Stewart, who controls 30% of the votes through his super majority shares, may feel he missed an opportunity."
To see more analyst ratings on STEI Click Here.
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