UPDATE: Feltl and Company Upgrades ValueVision Media to Buy on Favorable Outlook
Feltl and Company raised its rating on ValueVision Media (NASDAQ: VVTV) from Hold to Buy and increased its price target from $2 to $3.
Feltl and Company said, "We think VVTV had a decent quarter with 2.6% sales growth. VVTV faced easier prior year “comps” in consumer electronics (CE) and watches, which declined 23% and 12%, respectively, a year ago. We think more homes and better channel placement helped drive sales growth. … We derive our new $3 price target by applying an 8x EV/EBITDA multiple to our new F2013 estimate. We think an 8x multiple is justified given multiples paid for similar companies. We previously valued the company roughly in line with the book value."
ValueVision Media closed at $2.31 on Monday.
Latest Ratings for VVTV
|Oct 2014||Topeka||Initiates Coverage on||Buy|
|Oct 2014||Brean Capital||Initiates Coverage on||Buy|
|Jul 2014||Lake Street||Initiates Coverage on||Buy|
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