UPDATE: Deutsche Bank Reduces PT to $7 on SUPERVALU
Deutsche Bank cuts its price target from $7.50 to $7 on Hold-rated SUPERVALU (NYSE: SVU) as it believes the company should be able to continue its recovery despite low-quality print.
Deutsche Bank notes, "Clearly, sentiment had gone too far in one direction and while SVU's financial health isn't the best in our coverage group, they clearly are keeping the ship above water. Also, we thought the EPS quality was weak and guidance was not conservative, but the combination of both will allow SVU to fight for another day. Net, we remain comfortably uninvolved (i.e. Hold Rating).
SVU closed at $6.13 on Tuesday.
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