UPDATE; Piper Jaffray Raises PT on Lumber Liquidators Following Investor Meetings
In a report published Monday, Piper Jaffray analyst Peter J. Keith reiterated an Overweight rating on Lumber Liquidators (NYSE: LL), and raised the price target from $90.00 to $97.00.
In the report, Piper Jaffray noted, “We are reiterating our Overweight rating and raising our price target to $97 following investor meetings and participation at the 33 Annual Piper Jaffray Consumer Conference with CEO (Rob Lynch), CFO (Dan Terrell) and Director of Financial Reporting (Ashleigh McDermott). Looking out over the next several years, Lumber Liquidators has the potential to be one of the strongest growth stories in all of retail based on: (1) healthy industry backdrop; (2) accelerated market share gains; (3) ongoing improvement in operational efficiency; and (4) a compelling new store format. We continue to believe current valuation underestimates the comp growth and margin expansion potential looking out to 2014 and beyond. Our new $97 price target is based on 30x our Street-high 2014 EPS est of $3.22. We are raising our multiple from 28x to 30x based on increased confidence for earnings to grow at a 30% CAGR for the next 3 years.”
Lumber Liquidators closed on Friday at $85.78.
Latest Ratings for LL
|Dec 2014||Nomura||Initiates Coverage on||Buy|
|Nov 2014||Morgan Stanley||Upgrades||Equal-weight||Overweight|
|Nov 2014||Canaccord Genuity||Downgrades||Hold||Buy|
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