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Fly News Breaks for December 6, 2018
MIK
Dec 6, 2018 | 10:23 EDT
Loop Capital analyst Laura Champine lowered her price target on Michaels shares to $18 from $20 following the company's Q3 report, citing long-term margin concerns. While Michaels' comparable sale growth in Q3 of 4% beat her estimate, she said that performance was driven by promotions that led gross margin to miss expectations. She thinks there may be some upside potential for Michaels' stock given its valuation, but are worried that next year's consensus still looks aggressive, Champine added. She keeps a Hold rating on the shares.
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