KeyBanc Starts Cost Plus (CPWM) at Buy; Turnaround in Middle Innings
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Price: $22.00 --0%
Rating Summary:
0 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 9 | Down: 10 | New: 44
Rating Summary:
0 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 9 | Down: 10 | New: 44
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KeyBanc initiates coverage on Cost Plus (NASDAQ: CPWM) with a Buy. PT $9.00.
KeyBanc analyst says, "After many years of struggle, management has
successfully executed a turnaround, which has ongoing momentum and is in the middle innings. Management plans to resume net store growth in 2012, targets a return to peak sales per sq. ft. of $270 (vs. $218 last year and a recent low of $201 in 2009) and a 6% operating margin (from 1.8% in 2010 following four years of negative operating margin). In addition to the ongoing turnaround opportunity, we see CPWM as a stock with a misunderstood and underappreciated balance sheet."
For more ratings news on Cost Plus click here and for the rating history of Cost Plus click here.
Shares of Cost Plus closed at $7.04 yesterday.
KeyBanc analyst says, "After many years of struggle, management has
successfully executed a turnaround, which has ongoing momentum and is in the middle innings. Management plans to resume net store growth in 2012, targets a return to peak sales per sq. ft. of $270 (vs. $218 last year and a recent low of $201 in 2009) and a 6% operating margin (from 1.8% in 2010 following four years of negative operating margin). In addition to the ongoing turnaround opportunity, we see CPWM as a stock with a misunderstood and underappreciated balance sheet."
For more ratings news on Cost Plus click here and for the rating history of Cost Plus click here.
Shares of Cost Plus closed at $7.04 yesterday.
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