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Fly News Breaks for March 13, 2019
AOBC
Mar 13, 2019 | 07:20 EDT
As previously reported, Wedbush analyst James Hardiman downgraded American Outdoor Brands to Neutral from Outperform given unfavorable near-term catalysts. Following significantly better-than-expected results so far this year, the analyst believes the selloff in the shares has been overdone especially given the opportunity for the company to manufacture growth in FY20 independent of a major rebound in demand. However, Hardiman believes the near-term outlook, which includes the toughest comps of the Trump era and a hazardous FY20 guide, is more likely to further spook investors than to bring them onboard. He also lowered his price target on the shares to $11 from $13.50.
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