Deutsche Bank Upgrades Tuesday Morning (TUES) to Hold
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Deutsche Bank upgrades Tuesday Morning (Nasdaq: TUES) from Sell to Hold. Price target $1.50.
Deutsche analyst says, "TUES shares now more in line with our upgrade criteria...We downgraded TUES based on four theses: (1) consensus was too high, (2) valuation was too aggressive, (3) potentially, we felt TUES could have had liquidity issues into the holidays, (4) Tuesday is losing share in a tough home goods sector. Now however, FY09 consensus of $0.00 is already below plan of $0.19-$0.21, CY09 EV/EBITDA is 10% discounted to the hardline avg., and we don't foresee problems for Tuesday accessing liquidity near-term. While TUES continues to lose share, for now expectations have come down enough in anticipation, we believe."
Tuesday Morning Corporation (Tuesday Morning) is a closeout retailer of upscale home furnishings, housewares, gifts and related items in the United States.
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