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Fly News Breaks for December 20, 2019
IMBI
Dec 20, 2019 | 07:54 EDT
DA Davidson analyst Tom Forte initiated coverage of iMedia Brands with a Buy rating and $10 price target. The analyst believes that the turnaround efforts of the company's CEO will produce a sustained sales growth and margin expansion, unlocking "significant" shareholder value. Forte projects iMedia Brands growing its revenue by 3% per year for the next 3 years and for its EBITDA margin to expand by nearly 500bps to 3.1% by 2022. The analyst is also positive on the company's potential to expand outside the U.S.
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