Nomura Securities on Hardline Retailing: Tweaking Estimates on BBBY, DLTR and PETM
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Rating Summary:
4 Buy, 17 Hold, 14 Sell
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Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
4 Buy, 17 Hold, 14 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Nomura Securities on Hardline Retailing by Aram Rubinson: Tweaking estimates on BBBY, DLTR and PETM.
"We believe Bed Bath & Beyond (Nasdaq: BBBY) will begin to face SG&A growth in late F2011 and throughout F2012. BBBY is also moving its buying team from Farmingdale, NY to Union, NJ. That may entail some short-term dislocation. Our EPS estimates are unchanged as higher SG&A is offset by a more favorable comp outlook."
"Our Dollar Tree (Nasdaq: DLTR) EPS estimates for 2012 and 2013 are each $0.05 higher, at $4.95 and $6.05, respectively. The change reflects a $300m accelerated share repurchase (ASR) plan announced last week (November 22)."
"While PetSmart (Nasdaq: PETM) has not yet provided detailed guidance for F2012, we are updating our estimates to reflect an extra week in Q4/2012. Our Q4/2012 estimate goes to $1.24 (from $1.12) and our F12 estimate goes to $3.25 (from $3.13). Estimates for F13 are unchanged."
"We believe Bed Bath & Beyond (Nasdaq: BBBY) will begin to face SG&A growth in late F2011 and throughout F2012. BBBY is also moving its buying team from Farmingdale, NY to Union, NJ. That may entail some short-term dislocation. Our EPS estimates are unchanged as higher SG&A is offset by a more favorable comp outlook."
"Our Dollar Tree (Nasdaq: DLTR) EPS estimates for 2012 and 2013 are each $0.05 higher, at $4.95 and $6.05, respectively. The change reflects a $300m accelerated share repurchase (ASR) plan announced last week (November 22)."
"While PetSmart (Nasdaq: PETM) has not yet provided detailed guidance for F2012, we are updating our estimates to reflect an extra week in Q4/2012. Our Q4/2012 estimate goes to $1.24 (from $1.12) and our F12 estimate goes to $3.25 (from $3.13). Estimates for F13 are unchanged."
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