Morgan Keegan reiterates its Outperform rating on Monro Myffler Brake MNRO and raises its price target by $5 to $47 as the company beat estimates on OSG&A leverage.
Morgan Keegan says, "We are encouraged by MNRO's ability to increase EPS by 20% on a flat comp. While weather and economic conditions negatively impacted tire sales, they also provide the opportunity for MNRO to acquire competitors. Management indicated that MNRO could acquire stores that generate ~$19 million in annual revenue during Q4. We reiterate our Outperform rating with shares trading at 10.4x our NTM EV/EBITDA estimate (3 yr. TTM range: 8.7x-17.4x)."
MNRO closed at $40.39 a share yesterday.
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