UPDATE: Stifel Nicolaus Raises PT to $23 on La-Z-Boy Incorporated on Strong Results

Loading...
Loading...
Stifel Nicolaus maintained La-Z-Boy Incorporated
LZB
with a Buy rating and raised the price target from $18.00 to $23.00. Stifel Nicolaus noted, "Clearly, investors were as enthused with La-Z-Boy's 3Q sales gain of 10.3% y/y as we were; the stock moved up 11.5% (compared to a 1.2% decline in the S&P 500) on Wednesday, following the earnings release. EPS of $0.32 beat our $0.22 estimate nicely (even after removing $0.04 of gains from sales of investments). This quarter did not have the same level of “noise” from 2Q, when there were a variety of incentive compensation accruals that temporarily hurt profitability. … We think that despite the boost in share price on Wednesday, the stock still shows a relatively attractive valuation, trading at 7x our FY14 EBITDA estimate." La-Z-Boy Incorporated closed at $17.23 on Wednesday.
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorPrice TargetAnalyst RatingsConsumer DiscretionaryHome FurnishingsStifel Nicolaus
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...