Bank of America Reiterates Neutral on RadioShack Corporation on New Senior Management Team Additions
In a report published Friday, Bank of America analyst Denise Chai reiterated a Neutral rating and $4.00 price target on RadioShack Corporation (NYSE: RSH).
In the report, Chai noted, “Continuing the progression of setting RSH's new senior management team, the company announced that Jennifer Warren has been appointed SVP and Chief Marketing Officer. Ms. Warren has held positions at a variety of companies, including Samsung, Walmart, TJ Maxx and Hallmark. Michael DeFazio has been named SVP-Store Concepts. Mr. DeFazio, who's had a working relationship with CEO Magnacca since 2008, joins RSH with 30 years of store operations and merchandising, most recently at Walgreens since 2011. While new to the role, Mr. DeFazio has already begun work on new store prototypes, which will be unveiled over the next several months. In our opinion, filling these two roles is another important step in RSH's transformation which we hope will improve customer traffic and awareness, as well as reduce expenses. These appointments follow the naming of Joe Magnacca to the role of CEO in February, as well as the recent exiting of its loss-making partnership with Target. We note RSH is still actively searching for a Chief Merchandising Officer.”
RadioShack Corporation closed on Thursday at $3.06.
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