UPDATE: Oppenheimer Upgrades Sally Beauty Holdings (SBH) to Outperform, 'Pullback is Buying Opportunity'

June 22, 2021 4:25 AM EDT
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Price: $19.30 -4.55%

Rating Summary:
    8 Buy, 12 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 11 | New: 8
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(Updated - June 22, 2021 4:43 AM EDT)

Oppenheimer analyst Rupesh Parikh upgraded Sally Beauty Holdings (NYSE: SBH) from Perform to Outperform with a price target of $24.00.

The analyst comments "Following a more than 20% pullback in SBH shares from recent May highs, we spent time revisiting our views. We downgraded shares in a report titled Risk/Reward Now Balanced; Downgrading to Perform (3/11/21 at $20.90). Since early March, SBH shares are down 6% vs. a 9% gain in the S&P 500. Based on our work, we are upgrading shares to Outperform from Perform and installing a $24 PT. We now see sustainable earnings power in at least the $2.35 range, vs. our $2.00 forecast at the time of the downgrade, and our most recent estimate of $2.30. SBH appears to be gaining traction with key initiatives, which could fuel upside to Street forecasts L-T. Shares on our updated FY22 forecast sport an ~11% FCF yield. ACI and SBH now rank as our favorite value plays."

For an analyst ratings summary and ratings history on Sally Beauty Holdings click here. For more ratings news on Sally Beauty Holdings click here.

Shares of Sally Beauty Holdings closed at $19.44 yesterday.

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