Janney Montgomery Scott Reiterates a 'Speculative Buy' on Pacific Sunwear (PSUN); Raising Estimates on Increased Confidence
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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: 9 | New: 45
Rating Summary:
3 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 9 | New: 45
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Janney Montgomery Scott reiterates a 'Speculative Buy' on Pacific Sunwear of California (NASDAQ: PSUN) price target of $2.00.
Analyst, Adrienne Tennant, said, "PSUN reported 1Q12 LPS of ($0.20) pro forma versus consensus at ($0.29) and the company’s issued guidance range of ($0.26) to ($0.34). The company achieved a positive +1% comp in 1Q12, 160 basis points improvement in merchandise margins, lower occupancy costs and SG&A expenses, and lower inventory...We believe that the turn remains a work in progress, but we believe visibility has improved significantly, and we commend management on delivering solid results for 1Q12, despite the volatile macro backdrop...PSUN remains our high beta/speculative play with an attractive risk/reward."
"Our FY12 LPS estimate goes to ($0.46) from ($0.72) (versus the Street at ($0.55)) and our FY13 LPS estimate goes to ($0.20) from ($0.39) (versus the Street at ($0.35))."
For an analyst ratings summary and ratings history on Pacific Sunwear of California click here. For more ratings news on Pacific Sunwear of California click here.
Shares of Pacific Sunwear of California closed at $1.18 yesterday.
Analyst, Adrienne Tennant, said, "PSUN reported 1Q12 LPS of ($0.20) pro forma versus consensus at ($0.29) and the company’s issued guidance range of ($0.26) to ($0.34). The company achieved a positive +1% comp in 1Q12, 160 basis points improvement in merchandise margins, lower occupancy costs and SG&A expenses, and lower inventory...We believe that the turn remains a work in progress, but we believe visibility has improved significantly, and we commend management on delivering solid results for 1Q12, despite the volatile macro backdrop...PSUN remains our high beta/speculative play with an attractive risk/reward."
"Our FY12 LPS estimate goes to ($0.46) from ($0.72) (versus the Street at ($0.55)) and our FY13 LPS estimate goes to ($0.20) from ($0.39) (versus the Street at ($0.35))."
For an analyst ratings summary and ratings history on Pacific Sunwear of California click here. For more ratings news on Pacific Sunwear of California click here.
Shares of Pacific Sunwear of California closed at $1.18 yesterday.
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