UPDATE: Stifel Nicolaus Reiterates Buy Rating, Raises PT on La-Z-Boy Following Q4 EPS

In a report published Thursday, Stifel Nicolaus analyst John Baugh reiterated a Buy rating on

, and raised the price target from $23.00 to $24.00. In the report, Stifel Nicolaus noted, “La-Z-Boy reported Q4 EPS of $0.33 (model shows $0.34 due to rounding), which includes a $0.03 tax benefit, compared to our $0.28 estimate. Sales grew approximately 10% to $360 million, which was just slightly shy of our estimate. The company continues to see growth of stationary upholstered furniture outpace recliners and other motion upholstery. This has been the focus for some time now and the marketing message highlighting stationary furniture continues to be effective here. The company plans to maintain advertising spend as a similar percentage of revenue moving forward, so we would expect ad spend to grow in line with sales.” La-Z-Boy closed on Wednesday at $19.77.