Susquehanna Reiterates Positive Rating on Collective Brands (PSS), Raises Price Target
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Susquehanna reiterates a Positive rating on Collective Brands, Inc. (NYSE: PSS). Price target increased from $16 to $20.
Susquehanna analyst says, "Yesterday, after the market closed, PSS reported 2Q08 earnings result of $0.54, excluding a charge of $0.41 for litigation reserves. Sales increased by 30.4% to $911.7 million...These impressive results emphasize how the company's "House of Brands" strategy is helping to improve comps and improve profitability in a difficult retail environment. These results are being accomplished through a combination of the consolidation of Stride Rite's back office operations, international growth, brand extensions, and continued improvements in Payless's retail store productivity. We believe the stock's current discount to the industry average (10.3x versus the industry's 16.3x) reflects very low investor expectations for the stock's near-term performance and additional uncertainty surrounding its pending litigation with adidas, which we believe will likely be settled out-of-court, given the precedent set by the recent adidas trademark settlements negotiated with Wal-Mart (NYSE: WMT) and Sears (Nasdaq: SHLD)."
Collective Brands, Inc. (Collective Brands), formerly known as Payless ShoeSource, Inc., is the holding company for Payless ShoeSource, Inc. (Payless), The Stride Rite Corporation (Stride Rite), and Collective International, LP (Collective Licensing).
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