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Fly News Breaks for February 1, 2019
TUES
Feb 1, 2019 | 09:46 EDT
B. Riley FBR analyst Jeff Van Sinderen upgraded Tuesday Morning to Buy from Neutral and raised his price target for the shares to $3.00 from $2.20. Reduced promotions and "significantly" lower supply chain costs improved gross margin in the company's fiscal Q2, which, when combined with lower marketing spend, enabled EBITDA and earnings to come in well above estimates, Van Sinderen tells investors in a research note. Further, he notes that Tuesday Morning's potential tariff exposure is less than 20% of total business and that the company has been working with vendors to reduce pricing and maintain margin goals while also investigating alternate sourcing to mitigate tariff impact. He believes the business is "moving in the right direction for further operating margin recovery." Tuesday Morning in morning trading is up 12%, or 23c, to $2.21.
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