Retail ratings a mixed bag
Home & Textiles Today Staff -- Home Textiles Today, September 26, 2001
New York — Wall Streeters peered into their crystal balls today and came up with varying outlooks on the future. Today's ratings updates:
Bed Bath & Beyond: Goldman Sachs today raised its rating on Bed Bath & Beyond Inc., moving it from "market outperform" to its U.S. "recommended" list, noting the move "reflects our confidence in long-term growth and short-term performance despite a challenging environment." Also today, however, UBS Warbug lowered its 12-month price target on BBB from $37 per share to $32. It did not comment on the change.
Federated Department Stores & May Company: J.P. Morgan analyst Shari Eberts lowered her estimates on both companies to "market performer" from "buy." She noted that sales and earnings risk has escalated most sharply for companies selling more discretionary goods.
Wal-Mart: Morgan's Eberts today also raised her rating to "buy" from "long-term buy," saying that although the valuation looks full, she believes it will be sustainable in "the next several quarters" as Wal-Mart's fundamentals "far outpace" its competitors.
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