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Fly News Breaks for March 20, 2019
MIK
Mar 20, 2019 | 07:52 EDT
As previously reported, BofA/Merrill downgraded Michaels to Neutral from Buy and cut its price target to $15 from $21 following the Q4 report. Analyst Elizabeth Suzuki sees limited opportunity for Michaels to restart growth and views FY19 comp guidance as too optimistic. Michaels currently is without a permanent CEO and lacks the leadership to make a transformative change to reverse weak comp trends and margin deterioration, the analyst wrote in a note to investors.
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