KeyBanc Starts Haverty (HVT) at Buy
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Price: $25.63 -2.29%
Rating Summary:
3 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 12 | New: 12
Rating Summary:
3 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 12 | New: 12
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KeyBanc initiated coverage on Haverty (NYSE: HVT) with a Buy rating and a price target of $30.00. Analyst Bradley B. Thomas expects a recovery in sales per square foot and long term growth opportunity.
"HVT is a small-cap growth story with attractive cyclical recovery potential, complemented by market share gains from marketing and merchandising initiatives. HVT is a regional furniture retailer with 120 stores, primarily in the South and Mid-Atlantic. From a cyclical perspective, we expect sales per square foot to recover to their prior peak of over $200 (up from $158 in 2012). Furthermore, we expect a number of initiatives to raise the long-term potential productivity for HVT to $250 per square foot," said Thomas.
"Should HVT expand its store base, as we expect in coming years, we see further upside to HVT's longer-term earnings power. In the near term, we expect strong comp growth coupled with an attractive 35.5% contribution rate to drive over 75% earnings growth in 2013 despite a net reduction of stores," he said.
For an analyst ratings summary and ratings history on Haverty (NYSE: HVT) click here. For more ratings news on Haverty click here.
Shares of Haverty closed at $23.56 yesterday.
"HVT is a small-cap growth story with attractive cyclical recovery potential, complemented by market share gains from marketing and merchandising initiatives. HVT is a regional furniture retailer with 120 stores, primarily in the South and Mid-Atlantic. From a cyclical perspective, we expect sales per square foot to recover to their prior peak of over $200 (up from $158 in 2012). Furthermore, we expect a number of initiatives to raise the long-term potential productivity for HVT to $250 per square foot," said Thomas.
"Should HVT expand its store base, as we expect in coming years, we see further upside to HVT's longer-term earnings power. In the near term, we expect strong comp growth coupled with an attractive 35.5% contribution rate to drive over 75% earnings growth in 2013 despite a net reduction of stores," he said.
For an analyst ratings summary and ratings history on Haverty (NYSE: HVT) click here. For more ratings news on Haverty click here.
Shares of Haverty closed at $23.56 yesterday.
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