UPDATE: Morgan Stanley Downgrades The Michaels Companies (MIK) to Underweight

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Morgan Stanley analyst Simeon Gutman downgraded The Michaels Companies (NASDAQ: MIK) from Equalweight to Underweight with a price target of $5.00 (from $7.00).

The analyst comments "We expect a tough competitive backdrop to outweigh strategic initiatives and pressure comps/margins in the medium-term. As we believe MIK's fundamentals and leverage matter more than inexpensive valuation in the next 12 months, we are lowering our rating/price target to UW/$5."

For an analyst ratings summary and ratings history on The Michaels Companies click here. For more ratings news on The Michaels Companies click here.

Shares of The Michaels Companies closed at $6.70 yesterday.

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