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Fly News Breaks for March 8, 2017
MIK
Mar 8, 2017 | 06:58 EDT
BofA/Merrill analyst Denise Chai upgraded Michaels to Buy and raised its price target to $28 from $23 following the better than expected Q4 report saying fundamentals have hit an inflection point. The analyst expects comps to improve in 2H as it is up against easy compares due to the disruption from adding flexible merchandise space to stores and the election. Chai expects business momentum to improve throughout the year due to new exclusives, increased in-store classes, and loyalty program growth.
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