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Fly News Breaks for September 9, 2019
Sep 9, 2019 | 07:09 EDT
Raymond James analyst Bobby Griffin reaffirmed his Outperform rating for Culp, Inc but lowered his price target to $18 from $22 following last week's earnings report. In a research note to investors, Griffin says that although pretax income was below his estimate, he was encouraged to see Culp's mattress fabric segment post year-over-year growth again following five consecutive quarters of declines. Griffin says he believes believe the worst of the drag is now in the past and feelsCulp's business is well positioned to grow EBIT/EBITDA again in fiscal 2020.
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