KeyBanc Upgrades La-Z-Boy (LZB) to Buy; Encouraging Datapoints From the High Point Furniture Market
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Price: $41.85 +0.31%
Rating Summary:
4 Buy, 2 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 6 | Down: 4 | New: 9
Rating Summary:
4 Buy, 2 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 6 | Down: 4 | New: 9
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KeyBanc upgraded La-Z-Boy (NYSE: LZB) from Hold to Buy. PT $13.
KeyBanc analyst says, "Following encouraging datapoints from the High Point Furniture Market, we are upgrading our rating on La-Z-Boy ro BUY. From a top-line perspective, we believe trends in 2011 are positioned for improvement. Additionally, we are encouraged by ongoing initiatives to drive savings in the retail segment as well as the Mexico cut-and-sew facility. Comparisons are relatively easy over the next few quarters, and the Company maintains a strong balance sheet with $110 million in cash, or 13% of its market cap in net cash. Valuation, with an EV/EBITDA of 6x, is relatively compelling and as such, we are raising our rating."
"For fiscal 1Q12, we estimate EPS of $0.07. For fiscal 2Q11, we estimate EPS of $0.18. For the fiscal 3Q, we estimate $0.20, and for the fiscal 4Q, we estimate $0.25. Our FY12 estimate stays at $0.70. We are also initiating a single point estimate for FY13 of $0.90."
For more ratings news on La-Z-Boy click here and for the rating history of La-Z-Boy click here.
Shares of La-Z-Boy closed at $9.84 yesterday.
KeyBanc analyst says, "Following encouraging datapoints from the High Point Furniture Market, we are upgrading our rating on La-Z-Boy ro BUY. From a top-line perspective, we believe trends in 2011 are positioned for improvement. Additionally, we are encouraged by ongoing initiatives to drive savings in the retail segment as well as the Mexico cut-and-sew facility. Comparisons are relatively easy over the next few quarters, and the Company maintains a strong balance sheet with $110 million in cash, or 13% of its market cap in net cash. Valuation, with an EV/EBITDA of 6x, is relatively compelling and as such, we are raising our rating."
"For fiscal 1Q12, we estimate EPS of $0.07. For fiscal 2Q11, we estimate EPS of $0.18. For the fiscal 3Q, we estimate $0.20, and for the fiscal 4Q, we estimate $0.25. Our FY12 estimate stays at $0.70. We are also initiating a single point estimate for FY13 of $0.90."
For more ratings news on La-Z-Boy click here and for the rating history of La-Z-Boy click here.
Shares of La-Z-Boy closed at $9.84 yesterday.
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