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UPDATE: Benchmark Reduces PT to $9 on The Pep Boys - Many Moe & Jack Ahead of Q1


Benchmark reiterates its Hold rating on The Pep Boys - Many Moe & Jack (NYSE: PBY) but lowers its price target to $9 a share.

Benchmark notes, "Pep Boys is expected to report Q1 earnings Thursday, June 7 before the market open. This would be management's first conference call since the deal with the Gores Group fell apart. The business appears to have deteriorated both on revenue and margin. We believe consumers have been purchasing less higher-margin discretionary items. We expect EPS to be in line with our estimate of $0.02. Our $9 price target is based on 5.2x 2012E EBITDA. We maintain our Hold rating as we look for clarity as to what is driving the deterioration in business."

PBY closed at $8.75 on Tuesday.

Latest Ratings for PBY

Nov 2015ArgusDowngradesBuySell
Oct 2015BB&T CapitalDowngradesHoldUnderweight
Sep 2015JefferiesInitiates Coverage onHold

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