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Fly News Breaks for June 7, 2019
MIK
Jun 7, 2019 | 07:38 EDT
Deutsche Bank analyst Mike Baker lowered his price target for Michaels to $9 from $16 after the company posted a weaker than expected Q1 comp of down 2.9%. The industry remains soft, but Michaels likely lost market share due in part to some customer confusion regarding its pricing strategy, Baker tells investors in a research note. He's characterize the quarter as "disappointing" and keeps a Hold rating on the shares.
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