At Home Group (HOME) PT Raised to $47 at Craig-Hallum After Crushing SSS
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Craig-Hallum analyst Jeremy Hamblin raised the price target on At Home Group (NYSE: HOME) to $47.00 (from $30.00) while maintaining a Buy rating after the company reported better than expected Q4 results with sales of $562.0M on SSS up 30.8%, well above consensus calling for sales of $522.8M on comps up 24.0%. Strong ticket and traffic growth continued in Q4 as HOME gained share with higher than expected SSS (vs. preliminary +23% to +24% guide on Jan 8th) fueled by stimulus money that accelerated comps in January.
The analyst stated "HOME provided better than expected Q4 results and Q1 guidance, calling for a whopping 142% to 152% comp and sales of $450M to $470M, or 36% higher than street consensus at the midpoint. HOME is clearly gaining significant share within the home furnishings category. Our optimism is also increased given unit growth guidance for CY21 (FY22) was raised once again with new units now expected at 15, representing the high end of previous 12 to 15 guidance with an expectation for 10% unit growth thereafter. The company has made progress on seasonal goods inventory (13% better than the end of Q3) and HOME appears poised to deliver another exceptional year in 2021."
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