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Fly News Breaks for December 7, 2016
MIK
Dec 7, 2016 | 07:08 EDT
As previously reported, Raymond James analyst Dan Wewer downgraded Michaels to Market Perform from Outperform following the company's Q3 report and adjustment to FY16 guidance. The company's the EBIT% expansion, which reached a lifetime high in FY15, is coming to an end as it seems Michaels can no longer protect share and further enhance margins, said Wewer, who added that downside risk could be limited by the decision to upsize its share repurchase program.
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