At Home Group (HOME) PT Lowered to $35 at Guggenheim

Guggenheim analyst John Heinbockel lowered the price target on At Home Group (NYSE: HOME) to $35.00 (from $45.00) while maintaining a Buy rating.

The analyst commented, "Despite exceeding 3Q top- and bottom-line expectations, HOME’s shares sold off 14% today (vs. flat S&P) on (1) below-consensus 4Q comp guidance and (2) commentary around 2019 distribution-related margin pressure. We see this sell-off as overdone, especially since new stores continue to perform well, the growth runway remains lengthy, the secular outlook seems intact, and the shares trade under 10x 2019E EBITDA (Exhibit 1). We lower our 2019E EBITDA by 5% and our PT to $35 from $45. The market will have to digest temporarily slower growth although this is likely more a function of time, not price."

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