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Fly News Breaks for October 30, 2018
LL
Oct 30, 2018 | 10:29 EDT
Loop Capital analyst Laura Champine reiterates a Buy rating on Lumber Liquidators while reducing her price target for the shares to $24 from $25 following this morning's Q3 results. The analyst points out that the company's 2.1% same-store-sales in the quarter missed her 5% estimate. However, she notes that management in this morning's filing called out less promotional activity this Q3 versus last year. The stock, trading at 0.3 times 2019 estimated sales, presents a "trough valuation for a turnaround story that is returning to profitability in its second year of comp growth," Champine tells investors in a research note. She notes Lumber Liquidators' sales multiple is the lowest in her current coverage.
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