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Fly News Breaks for February 19, 2020
CULP
Feb 19, 2020 | 05:00 EDT
Stifel analyst John Baugh downgraded Culp, Inc. to Hold from Buy with a price target of $11, down from $20. Management had expected to see "significant" improvements in the Q4 year ago, which saw a large drop in pre-tax income, but now only sees "slightly better" results in the Q4 this year compared to a year ago, Baugh tells investors in a research note. While downgrading the shares on the new outlook, the analyst "strongly" encourages those that hold the shares continue to do so. The liquidity is thin and the shares are likely bottoming, says Baugh.
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