DA Davidson Upgrades 1-800-FLOWERS.COM (FLWS) to Buy; 'The Bear Case Is Squashed'
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(Updated - April 30, 2021 8:24 AM EDT)
DA Davidson analyst Linda Bolton Weiser upgraded 1-800-FLOWERS.COM (NASDAQ: FLWS) from Neutral to Buy with a price target of $57.00 (from $30.00).
The analyst commented, "FLWS reported a big F3Q21 upside surprise and issued guidance implying positive organic sales growth in F4Q21 against a hard COVID comp of +54% in F4Q20. FLWS also expects double-digit sales growth in FY22, putting to rest our concern that post-pandemic sales would decline. FLWS has evolved into a best-in-class e-commerce company, yet its EV-to-sales of 0.8x is far below the 3.2x group average (see page 2). The stock is -18% from its January high, and we are upgrading to BUY from Neutral. We are raising our estimates, our target EV-to-EBITDA to 15.0x from 9.5x, and our PT to $57 from $30, based on 15.0x CY22E EBITDA of $241M (or 1.5x sales)."
Shares of 1-800-FLOWERS.COM closed at $30.43 yesterday.
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