Conn's Inc. (CONN) PT Raised to $23 at Jefferies After Reporting Comps Are Positive Even After Factoring Storm Headwinds
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Jefferies analyst Kyle Joseph raised the price target on Conn's Inc. (NASDAQ: CONN) to $23.00 (from $15.00) after management indicated that comps turned positive in January and QTD (Feb. + March) the comps increased 3% despite experiencing a significant impact from the storms in February which forced store closures.
The analyst reiterated a Buy rating, stating "We believe there is good visibility into comps remaining positive as we lap the most challenging comps in terms of underwriting changes. CONN tightened in late March 2020, so we expect an uplift as we enter April." "We have factored in trends from the quarter and commentary from the call. Our estimates move up on better top line growth combined with our expectations for the reserve to decline as the economy recovers. Our FY22 estimate increases to $1.33 and our FY23 estimate increases to $1.65. Our '23 forecast is enhanced by operating leverage as CONN maintains growth."
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