In a report published Tuesday, Sterne Agee analyst Ike Boruchow downgraded Sally Beauty Holdings SBH from Buy to Neutral, but reiterated the $31.00 price target.
In the report, Sterne Agee noted, “We are lowering our rating on SBH to Neutral from Buy. While long-term fundamentals of the business remain intact (market leader in stable category, structural margin drivers, buyback accretion), we have become more cautious on the name due to ongoing category weakness, potential risk to Street estimates and a premium valuation (19x and 17x CY13 and CY14 estimates).”
Sally Beauty Holdings closed on Monday at $30.55.
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