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Fly News Breaks for December 6, 2019
MIK
Dec 6, 2019 | 06:21 EDT
Stephens analyst Rick Nelson downgraded Michaels to Equal Weight from Overweight with a price target of $7, down from $9. The analyst sees continued industry challenges following the company's "disappointing" Q3 results and guidance. Store closings, liquidation sales, and new strategies deployed at Michael's are likely to produce "choppy results" over the next few quarters, Nelson tells investors in a research note. While admitting the multiple is low, the analyst says he prefers to wait on the sidelines at this time.
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