|Over a week ago|
Fly Insider: Element Solutions, Sunrun among week's notable insider trades » 14:1810/1210/12/20
ARQT, MCHX, ESI, SELB, KBNT, RUN, MIK, BE, NOVA, CRSR
Welcome to "Fly Insider,"…
Michaels price target raised to $25 from $20 at Loop Capital » 08:2109/2509/25/20
Loop Capital analyst…
Loop Capital analyst Laura Champine raised the firm's price target on Michaels to $25 from $20 and keeps a Buy rating on the shares. The analyst says she was positively surprised by the company's double-digit earnings growth forecast announced in its Investor Day presentation yesterday, maintaining 2020-2021 forecasts but modeling 2% comps increase from 2022 to 2024. Champine adds that Covid-19 has "only temporarily obscured" Michaels' turnaround efforts as the company accelerates the "necessary investments" in e-commerce growth.
Michaels expects top-line growth of 1.5%-2.5% over next 5 years » 08:1809/2509/25/20
As part of its Virtual…
As part of its Virtual Investor Day presentation disclosed yesterday, Michaels provided long-term financial guidance, stating: "Michaels expects that its continued progress in executing this strategy will create sustainable long-term sales and EPS growth while generating significant free cash flow over the next five years. As part of Investor Day event, management will provide greater details on a long-term financial algorithm, which spans a 5-year period ending fiscal 2024 and uses fiscal 2019 as its base year. Key elements of this financial algorithm include: Average annual top-line growth in the range of 1.5% to 2.5%, driven by positive contributions across the Company's stores and omni-channel business; Operating profit driven by strategic initiatives, improvements, and cost optimization efforts leading to low double-digit EPS growth in fiscal year 2022 and beyond; Cumulative Free cash flow generation between fiscal 2020 and the end of fiscal year 2024 approaching $2 billion dollars; Balanced and disciplined capital model: The Company's priorities for the use of its strong expected free cash flow include investing in the business for growth, de-levering the balance sheet, and repurchasing shares to offset dilution and additional shares as appropriate, and evaluate potential M&A opportunities on a case-by-case basis. Near-term, Michaels plans to proactively pay down $150 million of its outstanding term loan as part of its proposed refinancing, which is expected to result in lower leverage ratios. Longer-term, Michaels plans to further improve its capital structure as it targets a gross debt to adjusted EBITDA ratio of well below 3 times."
Morgan Stanley ups Michaels price target to $7, questions ability to meet goals » 08:1509/2509/25/20
Morgan Stanley analyst…
Morgan Stanley analyst Simeon Gutman raised the firm's price target on Michaels to $7 from $5 after the company's new management team laid out an "optimistic" long-term plan and five-year financial targets at its 2020 investor day. While admitting that the goals would create significant shareholder value if achieved given the stock's inexpensive valuation and low embedded expectations, Gutman keeps an Underweight rating on Michaels shares as he thinks the company's performance is likely to miss these targets.
Bed Bath & Beyond names Scott Lindblom as Chief Technology Officer » 08:0509/2309/23/20
Bed Bath & Beyond…
Bed Bath & Beyond (BBBY) has appointed Scott Lindblom as Chief Technology Officer of Bed Bath & Beyond, effective September 28. Lindblom will report directly to John Hartmann, COO and President of buybuy BABY, and will lead the company's enterprise technology transformation. Prior to joining Bed Bath & Beyond, Lindblom was Executive Vice President and Chief Information Officer at Michael's (MIK).
|Over a month ago|
Michaels to hire over 16,000 holiday employees » 08:3609/0809/08/20
Michaels said in a…
Michaels said in a release, "Michaels announced it will hire over 16,000 seasonal positions across its U.S. and Canada stores and distribution centers in preparation for the 2020 holiday season. Michaels will host a seasonal hiring event in U.S. stores on September 12 from 12pm - 4pm. The Company will be hiring talented team members across the organization and strengthening its buy-online, pickup in-store, or BOPIS, team in order to continue to serve shoppers in a safe and convenient way during the holiday season. Candidates in Canada can visit their local stores to learn more about holiday hiring opportunities."
Fly Intel: Top five analyst upgrades » 10:0509/0409/04/20
MIK, TTC, BNED, EPM, NCMI
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Michaels (MIK) upgraded to Outperform from Neutral at Credit Suisse with analyst Seth Sigman saying Michaels is an "attractive self-help story" which should continue to benefit from strong demand trends in its category in the near term while delivering "significant" productivity improvements over the medium- to longer-term. 2. Toro Company (TTC) upgraded to Outperform from Neutral at Baird with analyst Timothy Wojs citing improving end-user demand coupled with restocking and pent-up equipment purchases which could result in accelerating revenue and earnings growth in 2021. 3. Barnes & Noble Education (BNED) upgraded to Buy from Hold at Craig-Hallum with analyst Alex Fuhrman saying while he is "conservatively modeling" negative adjusted EBITDA this year, Fuhrman expects the company to return to "significant profitability" next school year as Bartleby and First Day Complete are showing positive signs amid the pandemic and position the company to emerge from COVID as a more profitable one. 4. Evolution Petroleum (EPM) upgraded to Buy from Neutral at Roth Capital with analyst John White citing a potential uptick in production at the beginning of 2021 as higher CO2 injections at the Delhi field are anticipated, Denbury's emergence from Chapter 11 with improved free cash flow potentially providing further production growth, and a 3.6% dividend yield with potential for increases. 5. National CineMedia (NCMI) upgraded to Outperform from Market Perform at Barrington with analyst James Goss saying while Goss expects a return to normal will take time and assumes 2021 to be a transitional year ahead of box office and attendance trends getting close to 2019 levels in 2022, he also argues that structural initiatives and the increasing importance of digital efforts will create a greater opportunity as the company emerges from the pandemic. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Lululemon, Wayfair downgrades among today's top calls on Wall Street » 09:3709/0409/04/20
LULU, W, DOCU, MIK, PTON
Check out today's top…
JPMorgan boosts Michaels target to $16, calls selloff 'highly irrational' » 07:5309/0409/04/20
JPMorgan analyst Christopher Horvers raised the firm's price target on Michaels to $16 from $14 and reiterates an Overweight rating on the shares. Yesterday's post-earnings selloff was "highly irrational" as Michaels reported results well beyond expectations with same-store-sales up a "truly impressive" 12% despite not having all stores open throughout the quarter, Horvers tells investors in a research note.
Michaels price target raised to $20 from $8 at Loop Capital » 07:2409/0409/04/20
Loop Capital analyst…
Loop Capital analyst Laura Champine raised the firm's price target on Michaels to $20 from $8 and keeps a Buy rating on the shares after its Q2 earnings beat. The analyst is positive on the company's double-digit sales growth and profitability achieved in the quarter, noting that the stay-at-home trend has driven a "strong" craft supply demand. Champine adds that she is "hopeful" in COVID-19 masking Michaels' turnaround efforts while driving an acceleration of its investment in e-commerce growth.