Loop Capital analyst Laura Champine lowered her price target on Michaels to $14 and kept her Hold rating, reflecting increasing market "prospects" for a more "subdued" activity in 2019. The analyst further warns that the company remains "heavily levered with $2.9B of long-term debt from its time under private equity ownership" and contends that debt reduction would be a "more reasonable use" of the projected $220M in free cash flows that stock buybacks. While she finds Michaels valuation "attractive", Champine warns that consensus for FY19 appears to be aggressive.