DA Davidson Lowers Price Target on Pacific Sunwear (PSUN) Following New CFO Announcement
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Price: $0.04 --0%
Rating Summary:
3 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 12 | New: 19
Rating Summary:
3 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 12 | New: 19
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DA Davidson is maintaining its Neutral rating on shares of Pacific Sunwear of California (NASDAQ: PSUN) but is lowering its price target by $0.50 to $4 until signs of success become more clear.
The company recently appointed Michael Kaplan as its Senior Vice President and CFO. The firm feels that Mr. Kaplan brings some positive experience to the company as he formerly was CFO of Harbor Freight Tools and also spent five years at The Gap (NYSE: GAP) as CFO.
The firm notes that since Gary Schoenfeld became CEO in June 2009 there have been numerous management changes. DA Davidson comments that, "Over half of the district managers have changed, at least nine new Vice Presidents were hired, and several Senior Vice President positions were filled or eliminated. Gary Schoenfeld’s strategy to hire talent from outside the company appears to be an effort to rejuvenate the PSUN culture with fresh viewpoints and improve management’s overall industry experience level."
For more ratings news on Pacific Sunwear of California click here and for the rating history of Pacific Sunwear of California click here.
Shares of Pacific Sunwear of California closed at $3.44 yesterday.
The company recently appointed Michael Kaplan as its Senior Vice President and CFO. The firm feels that Mr. Kaplan brings some positive experience to the company as he formerly was CFO of Harbor Freight Tools and also spent five years at The Gap (NYSE: GAP) as CFO.
The firm notes that since Gary Schoenfeld became CEO in June 2009 there have been numerous management changes. DA Davidson comments that, "Over half of the district managers have changed, at least nine new Vice Presidents were hired, and several Senior Vice President positions were filled or eliminated. Gary Schoenfeld’s strategy to hire talent from outside the company appears to be an effort to rejuvenate the PSUN culture with fresh viewpoints and improve management’s overall industry experience level."
For more ratings news on Pacific Sunwear of California click here and for the rating history of Pacific Sunwear of California click here.
Shares of Pacific Sunwear of California closed at $3.44 yesterday.
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