Conn's Inc. (CONN) PT Raised to Street High $35 at Jefferies on EPS Leverage and Growing Multiple
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Jefferies analyst Kyle Joseph raised the price target on Conn's Inc. (NASDAQ: CONN) to the Street High of $35.00 (from $23.00) after 1Q adj. EPS was well above Street estimates. The combination of better top-line growth and the benign credit environment allowed SSS to increase 19.4%, well ahead of forecast and up from a -10.1% comp in 4Q.
The analyst reiterated a Buy rating, stating "While stimulus supported sales/credit, we believe there is good visibility toward the comp remaining positive. We increase our PT to $35, which represents 14.5x FY23 EPS, consistent with levels at which CONN has traded with positive comps".
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