Cowen & Co Initiates Coverage on Aaron Rents (RNT) with a Neutral
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Cowen & Co initiates coverage on Aaron Rents (NYSE: RNT) with a Neutral.
Cowen analyst, Laura Champine, says, "Aaron Rents is a solid growth story that trades at a full multiple. The stock has appreciated 40% this quarter already. We believe RNT will successfully reaccelerate earnings growth this year and store growth next year, but this may already be priced into the stock...We expect operating EPS to grow 16% in 2008 to $1.63 vs. $1.41 on 15% sales growth. We believe RNT's unique monthly payment rent-to-own model will enable it to sustain double-digit growth and eventually at least double the size of its 1,600-store chain."
Aaron Rents, Inc. is a specialty retailer of consumer electronics, computers, residential and office furniture, household appliances and accessories.[SM]
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