CSS Industries (CSS) PT Lowered to $5.25 at DA Davidson
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DA Davidson analyst Linda Bolton Weiser lowered the price target on CSS Industries (NYSE: CSS) to $5.25 (from $8.00) while maintaining a Neutral rating following the company's 4Q results. The stock closed down 23% following the report, likely due to the suspension of the quarterly dividend of $0.20/share, 4Q results and guidance.
CSS reported sales -11.8% to $71.9M, below previous estimates of $80.1M. The decline was due to the continued downturn in the replenishment businesses within Craft and Gift, reflecting lower reorders from retailers as they tightly manage their inventory levels around slow-turn categories within brick-and-mortar retail. CSS guided to sales of $355M-$365M, -4%-7%, including a loss of $10M from SKU reductions and exit of the sports licensing business.
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