UPDATE: Stifel Nicolaus Initiates Buy, $45 Target on HSN

Stifel Nicolaus initiates its coverage on HSN HSNI with a Buy rating and a price target of $45 as the company is well positioned in a still-sluggish consumer environment. Stifel Nicolaus says, "Operationally, we see the company as well positioned, even in the face of a still sluggish consumer environment. Despite the stereotypes associated with an at-home shopper, the HSN customer is more likely to be in the “have” than “have-not” category. This is particularly true at its Cornerstone segment. From a differentiation perspective, we are upbeat on the company's strong investment in technology. Not hamstrung by MSO restrictions, HSN has been very proactive with new distribution platforms (e.g., mobile, tablet apps, etc.) and is benefiting from the increased spend from this customer segment. A recent capital return program is favorable, yet still modest, and has room to grow." HSNI closed at $35.56 per share on Monday.