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Lumber Liquidators Holdings Inc (NYSE: LL) remains in the eye of the storm. In a report issued Thursday, analysts at Goldman Sachs trimmed their estimates and target on the stock, although they maintained a Buy rating, pending a March 12 conference call.
What's Changed?
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The research firm cut its revenue and EPS estimates for 2015 from $1,165.9 million and $2.50, to $1,087.5 million and $2.18, respectively, based on flat same store sales, fewer openings, lower gross margin, and cost cuts.
For 2016, they now expect earnings of $2.35 per share, down from $3.00.
The price target was also reduced from $60 to $40, and so were the buyback forecasts.
All of these drops seek to "reflect the likely fallout from poor publicity on LL's business."
However, the firm maintains a Buy rating for three reasons:
- The stock price has corrected dramatically, making the risk/reward profile much more attractive.
- The company has time to prepare for its March 12 conference call, where it can respond to the critics that have emerged. "We have no reason not to believe the company's recent assertions in the face of poor headlines, and have not seen proof of danger to consumers," the report assures.
- While Goldman Sachs does see a significant marketing risk for the company, "the assertions relating to product safety relate to Chinese-made laminate products, only a small portion of its mix."
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.