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Fly News Breaks for December 27, 2019
MIK
Dec 27, 2019 | 15:28 EDT
Telsey Advisory analyst Cristina Fernandez said the announcement of a new CEO at Michaels only two months after Mark Cosby was named permanent CEO is "unexpected," as is the departure of Denise Paulonis as CFO. However, Michaels get someone with merchandising, e-commerce, and operating experience by adding Ashley Buchanan, added Fernandez. The analyst, who thinks Michaels "remains a work-in-progress," maintains a Market Perform rating and $7 price target on the stock.
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