A Handful Of Analysts Initiate Coverage On The Michaels Companies

Before the market open Wednesday, a slew of analysts issued notes initiating coverage on The Michaels Companies MIK.

The majority of the firms have come out with a Buy, Overweight or Outperform rating, and the average price target for Michaels among these firms is ~$20.

• Deutsche Bank - Buy, $20
  "We are initiating coverage on The Michaels Companies with a favorable outlook as we see the company as a category defining retailer in an attractive space, with a number of internal initiatives in place to drive market share gains."
• Morgan Stanley - Equal-weight, $16
  "The Mochaels Companies has a solid business model with reasonable growth prospects. Risk/reward appears balanced as below-average earnings growth is likely in near-term as tough Rainbow Loom-induced compares are lapped."
• Goldman Sachs - Buy, $20
• Nomura - Buy, $19
• SunTrust Robinson Humphrey - Buy, $20
• Guggenheim Securities - Buy, $19
• Raymond James - Outperform, $19
• JP Morgan - Overweight, $25
• PiperJaffray - Overweight, $19
• Barclays - Equal-weight, $18
• Wells Fargo - Market Perform