UPDATE: KeyBanc Capital Markets Initiates Conn's with Buy and $26 PT on Outlook and Drivers
KeyBanc Capital Markets initiated its coverage on Conn's (NASDAQ: CONN) with a Buy rating and a price target of $26.
KeyBanc Capital Markets commented, "We believe the Company has a bright outlook supported by initiatives to improve merchandising, in-store execution, and the Company's credit portfolio, as well as 10-15% long-term unit growth. Conn's is remerchandising its store to increase the focus on the fast growing and higher margin furniture and mattress category. As a part of the store remodels and relocations, management is also increasing the size of the stores' selling floor (through a reduced backroom). These remodeling efforts increase selling square footage by 14% without incurring incremental occupancy costs, which we see as a compelling long-term driver of improved store productivity."
Conn's closed at $23.16 on Friday.
Latest Ratings for CONN
|Mar 2015||Piper Jaffray||Upgrades||Neutral||Overweight|
|Mar 2015||SunTrust Robinson Humphrey||Maintains||Buy|
|Feb 2015||Stifel Nicolaus||Upgrades||Hold||Buy|
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