UPDATE: BofA/Merrill Lynch Downgrades Husdon Ltd. (HUD) to Underperform
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(Updated - November 5, 2019 6:50 AM EST)
(updated to add PT, comment)
BofA/Merrill Lynch analyst Marisa Sullivan downgraded Husdon Ltd. (NYSE: HUD) from Neutral to Underperform, PT $10.00 (form $14.00).
The analyst comments "Underperform. We see an increasingly uncertain outlook for HUD’s core business despite contributions from the OHM and Brookstone acquisitions (expected to close in 4Q19 or 1Q20). We are moving our valuation methodology to a P/E basis (prior EBITDA), which is more consistent with how we value other retailers in our coverage, and we lower our PO from $14 to $10. Our PO is based on 15x our 2020E adj. EPS of $0.67 (was $0.78 and now including acquisitions). This puts HUD in line with travel and convenience retail group average (see table 1) and represents 20% downside potential from yesterday’s close."
Shares of Husdon Ltd. closed at $12.42 yesterday.
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