Citi Upgrades Blue Nile (BLUE) to Buy, Internet Core Holding
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Citi upgrades Blue Nile (Nasdaq: BLUE) from Hold to Buy. Price target $30.
Citi analyst says, "NILE’s stock corrected 64% in ’08 and has fallen an additional 13% in ’09. Why? Because its fundamentals have been in free fall due to “perfect storm” conditions – 1) Severe Recession impact on consumer discretionary spend, 2) Tightening credit conditions impacting high ASP item sales, & 3) Surging diamond prices. While 1) & 2) are still in place, we believe their full brunt has now finally been captured in NILE’s estimates and valuation. And 3) has fundamentally changed as diamond prices have materially softened. Hence the upgrade...Consistent with our prior reports, we view NILE as one of Four Sub-$2B mkt cap Internet core stocks – along with RATE, NFLX & WBMD – with currently the best combination of robust long-term growth outlooks, reasonably deep competitive moats, top management teams, and attractive business models. We refer to these as When Stocks -- as in When To Buy them. We think the time is now for NILE, based on the above factors."
Blue Nile, Inc. is an online retailer of diamonds and jewelry. The Company’s primary Website is located at www.bluenile.com.
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