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Fly News Breaks for December 27, 2019
MIK
Dec 27, 2019 | 11:54 EDT
Stephens analyst Rick Nelson maintained an Equal Weight rating and $7 price target on Michaels Companies after the company announced the appointment of Walmart (WMT) executive Ashley Buchanan as CEO and the departure of its CFO for another company. While Nelson sees Michaels as an eventual winner due to its "dominant market position, brand awareness, and strong balance sheet," the analyst said he preferred to wait on the sidelines near term, as "store closings, liquidation sales, and new strategies are likely to produce choppy results."
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