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Fly News Breaks for December 6, 2019
Dec 6, 2019 | 09:36 EDT
Loop Capital analyst Laura Champine lowered her price target on Michaels to $10 after its "rough" Q3 results, noting that while she is keeping her Buy rating, she is "losing conviction" on the name and modeling same-store sales decline at the low end of the management's guidance. The analyst is disappointed that the company took a step back from Q2 when comps increased and gross margins expanded, though after a 55% year-to-date decline in the stock price, she believes that the shares can bounce back in 2020.
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