Piper Jaffray Remains Bullish on EVINE Live (EVLV); Says Price Activity Presents 'Unique Entry Point'
Piper Jaffray reiterates an Overweight rating on EVINE Live Inc. (NASDAQ: EVLV), and lowered the price target to $5.00 (from $8.00) following FQ1 results. Analyst Neely Tamminga expects that Q2 and Q3 are going to be "flattish" followed by a re-acceleration in Q4, and todays price activity presents a "unique entry point".
Tamminga commented on EVLV, saying, "We are reiterating our Overweight rating on EVLV in view of what we believe is underlying progress towards improved "on air" content despite what appears to be a pause in top-line trends. Although sales for FQ1 came in below expectations (-0.8% y/y vs. our +3%) and are expected to be flattish for FQ2 and FQ3 (we are modeling modest declines) followed by a re-acceleration in FQ4, we continue to believe that EVLV is executing on its strategic plan to increase shareholder value by injecting newness and verve into its products and programming. For investors willing to move up the risk curve a tinge, we believe today's stock price activity presents a unique entry point."
For an analyst ratings summary and ratings history on EVINE Live Inc. click here. For more ratings news on EVINE Live Inc. click here.
Shares of EVINE Live Inc. closed at $3.65 yesterday.