Zacks upgraded shares of HHGregg (NYSE:HGG) from a neutral rating to an outperform rating in a research report sent to investors on Monday morning, AR Network reports. The firm currently has $21.00 price target on the stock.
Zacks’ analyst wrote, “We are upgrading our recommendation on hhgregg to Outperform from Neutral on the back of solid first quarter fiscal 2014 results. hhgregg reported a loss of $0.04 per share in the first quarter of fiscal 2014, narrower than the prior-year quarter loss and Zacks Consensus Loss Estimate. The narrower loss was driven by comparable store sales growth and cost cutting measures. A decline in operating expenses and lower share count also contributed to the earnings growth. Net sales climbed on the back of comparable store sales which were backed by strong performance in appliance category. The company’s long term fundamentals are also appealing as management is geared to improve its business performance with the help of several strategic initiatives designed to boost traffic in its stores. The company is focusing on driving sales and profit growth through its cost control measures, and has drawn initiatives to improve its merchandise sales mix, expand its service offerings, and its customer base.”
Zacks has also taken action a number of other consumer discretionary stocks recently. The firm reiterated its buy rating on shares of Children’s Place Retail Stores Inc.. They have a $59.40 price target on that stock. Also, Zacks downgraded shares of Shoe Carnival Inc. from an outperform rating to a neutral rating. Their analysts now have a $29.90 price target on that stock.
Shares of HHGregg (NYSE:HGG) opened at 18.14 on Monday. HHGregg has a 1-year low of $5.84 and a 1-year high of $18.35. The stock’s 50-day moving average is $16.07 and its 200-day moving average is $13.74. The company has a market cap of $561.6 million and a price-to-earnings ratio of 20.20.
A number of other firms have also recently commented on HGG. Analysts at UBS AG raised their price target on shares of HHGregg from $14.00 to $15.00 in a research note to investors on Friday, August 2nd. They now have a neutral rating on the stock. Separately, analysts at Barclays Capital raised their price target on shares of HHGregg from $6.00 to $8.00 in a research note to investors on Tuesday, July 30th. They now have an underweight rating on the stock. Finally, analysts at Thomson Reuters/Verus downgraded shares of HHGregg from a buy rating to a hold rating in a research note to investors on Monday, June 3rd.
Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $13.36.
In other HHGregg news, Insider Michael Stout sold 25,000 shares of the company’s stock in a transaction that occured on Tuesday, August 13th. The shares were sold at an average price of $17.47, for a total value of $436,750.00. Following the transaction, the insider now directly owns 20 shares of the company’s stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
hhgregg, Inc (NYSE:HGG) is a specialty retailer of home appliances, televisions, computers, consumer electronics, mattresses and related services operating under the name hhgregg.
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