Benchmark Upgrades Pep Boys - Manny, Moe & Jack (PBY) to Buy, Improving Tire Profits

October 5, 2012 8:17 AM EDT
Get Alerts PBY Hot Sheet
Price: $25.63 +0.83%

Rating Summary:
    3 Buy, 2 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 4 | New: 24
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Benchmark upgraded Pep Boys - Manny, Moe & Jack (NYSE: PBY) from Hold to Buy with a price target of $12.00 (from $10.00).

"We believe an improving tire profit environment and a possible debt refinance could provide catalysts for earnings improvement, despite weakness on discretionary items," analyst Ronald Bookbinder said. "We believe the tire profit margin environment has started to show improvement with further improvement coming in Q4. The balance sheet is strong, as the Company builds cash to pay down and refinance debt."

For 2012, the firm raised EPS estimate to $0.34, from $0.30, excluding one-time items. For 2012, they continue expect total revenue to increase 2.0% to $2,104.6 million.

For an analyst ratings summary and ratings history on Pep Boys - Manny, Moe & Jack click here. For more ratings news on Pep Boys - Manny, Moe & Jack click here.

Shares of Pep Boys - Manny, Moe & Jack closed at $9.85 yesterday.

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