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Fly News Breaks for December 2, 2016
TGT, MIK
Dec 2, 2016 | 08:12 EDT
JPMorgan analyst Christopher Horvers said the continued softness and volatility in retail, particularly from mature retailers such as Target (TGT), makes him "wary" of the outlook for Michaels (MIK). He is also cautious on management's ability to continue to drive upside as the company's successful turnaround heads into its fourth year. Ahead of the earnings report due on Tuesday, December 6, Horvers lowered his estimates for Michaels and cut his price target on the stock to $26 from $29, while keeping a Neutral rating on the shares.
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