60 Minutes Piece on Lumber Liquidators (LL) 'Worse Than We Had Assumed' - Piper Jaffray

Piper Jaffray analyst Peter Keith weighed in on Lumber Liquidators (NYSE: LL) following last night's '60 Minutes' piece on the hardwood flooring retailer, saying it was worse than they had expected.

Keith said it was worse than expected based on:

1. how specific the story was on LL,
2. the evidence provided by 60 Minutes, and
3. a poor on-camera interview by founder Tom Sullivan who conceded that the video evidence called into question the company’s oversight of its suppliers

"While the validity of 60 Minutes evidence and claims will likely be vigorously disputed by the company – and we are still in no position to determine if there has been any wrongdoing – the piece portrayed LL in a negative light and will likely leave the company guilty in the court of public opinion for the foreseeable future," Keith said.

The firm maintained a Neutral rating and $55 price target on LL.

For an analyst ratings summary and ratings history on Lumber Liquidators click here. For more ratings news on Lumber Liquidators click here.

Shares of Lumber Liquidators closed at $51.86 yesterday.

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