Sally Beauty Holdings upgraded to neutral from underperform at D.A. Davidson, price target $15

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Sally Beauty downgraded on concerns about store traffic

Sally Beauty Holdings Inc. was downgraded to underperform from neutral at D.A. Davidson on concerns about the retailer’s struggle for store traffic amid the consumer shift to e-commerce. Analysts, however, raised the price target to $15 from $12.50. Analysts also worry that same-store sales could disappoint now that they’ve entered positive territory. Last Thursday, Sally Beauty reported fiscal fourth-quarter net income of $69.0 million, or 58 cents per share, up from $55.2 million, or 46 cents per share, last year. Adjusted EPS of 58 cents beat the FactSet consensus for 53 cents. Sales of $965.9 million was nearly flat with last year but ahead of the FactSet outlook for $955.0 million. Same-store sales growth of 1.1% beat the FactSet consensus for flat same-store sales. Sally Beauty stock is down 1.9% in Thursday trading, but is up 12.4% for the year to date. The S&P 500 index has gained 23.4% for 2019 so far.

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