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Barclays Reiterates an 'Underweight' on Barnes & Noble (BKS); Now Even Longer-Term Lack of Fundamental Support

August 22, 2012 1:24 PM EDT
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Price: $6.49 --0%

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Barclays reiterates an 'Underweight' on Barnes & Noble (NYSE: BKS) price target of $10.00.

Analyst, Alan M. Rifkin, said, "1Q EPS slightly above our estimate, although fundamentals across the business remain challenged: Barnes & Noble reported fiscal 1Q EPS of $(0.78), slightly better than our estimate of $(0.82) and compared to $(0.99) LY. Retail comps, aided by strong sales of the Fifty Shades trilogy, came in at 4.6%, vs. our estimate for (1.5)% comps and (1.6)% last year."

Rifkin said that despite the key product launch, NOOK revenues disappointed. He sees continued (and long-term) headwinds preventing BKS from gaining fundamental support. Barclays maintains FY13 EPS at (0.75), FY14 at (0.45) and FY15 at (0.30), but likely changes to the downside.

For an analyst ratings summary and ratings history on Barnes & Noble click here. For more ratings news on Barnes & Noble click here.

Shares of Barnes & Noble closed at $11.87 yesterday.


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