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Fly News Breaks for December 10, 2019
Dec 10, 2019 | 07:08 EDT
As previously reported, Guggenheim analyst Ali Faghri upgraded Monro to Buy from Neutral with a $92 price target, citing the view that the company's store refresh initiative presents an underappreciated source of sales and earnings upside. The analyst "conservatively" estimates a total incremental earnings benefit of about 60c per share, or about 25% upside, as the store refresh plans are seen driving a sustainable mid-single digit same-store sales lift over the next three to four years. Faghri also cites Monro's strong management team, geographic expansion opportunity and "potential takeover optionality" for the raised rating.
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