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Fly News Breaks for December 11, 2019
Dec 11, 2019 | 09:18 EDT
Stephens analyst Rick Nelson lowered his price target on Conn's shares to $20 from $33 after the company's "14th consecutive quarter of meeting or beating street EPS estimates" was overshadowed by its disappointing same-store sales performance and guidance. The decline in same-store sales is due to deflation in the TV category as well as credit tightening due to deteriorating credit performance, primarily from new customers and online applicants, Nelson noted. While acknowledging that same-store sales are likely to remain negative over the near-term, Nelson keeps an Overweight rating on Conn's shares, citing valuation.
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