Michaels Cos: in demand with broker upgrade
(CercleFinance.com) - The Michaels Companies share is up over 6% in early trading on Wall Street, boosted by Credit Suisse, which upgraded the stock from "neutral" to "outperform," with a target price of 15 dollars.
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"We view MIK as an attractive self-help story, which should continue to benefit from strong demand trends in its category in the near term," the broker said in its report.
It also believes that the decor products supplier should be "delivering significant productivity improvements over the medium- to longer-term, potentially supporting upside to estimates over the next 12-18 months".
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
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"We view MIK as an attractive self-help story, which should continue to benefit from strong demand trends in its category in the near term," the broker said in its report.
It also believes that the decor products supplier should be "delivering significant productivity improvements over the medium- to longer-term, potentially supporting upside to estimates over the next 12-18 months".
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.