UPDATE: Goldman Sachs Raises PT to $18 on Barnes & Noble on Better Earnings, M&A Potential
Goldman Sachs maintained Barnes & Noble (NYSE: BKS) with a Neutral rating and raised the price target from $17.00 to $18.00.
Goldman Sachs commented, "We raise our 12-month price target by $1 to $18 to reflect the combination of BKS's better-than-expected bookstore earnings and a 15% weighting for M&A potential. On Thursday, BKS delivered better-than-expected retail earnings and worse-than-expected Nook earnings, as detailed within. The firm also confirmed that the special committee of its board would entertain an offer from Chairman Leonard Riggio for its retail business, which he indicated he was considering in a filing last week. Finally, after a series of sharp Nook losses, BKS expressed intent to address its costs structure and reduce Nook losses."
Barnes & Noble closed at $16.46 on Monday.
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Tags: Goldman Sachs