Michaels Companies (MIK) Gets a Hold Rating from Wells Fargo

Wells Fargo analyst Zachary Fadem maintained a Hold rating on Michaels Companies (MIKResearch Report) today and set a price target of $8. The company’s shares opened today at $8.18, close to its 52-week low of $7.78.

Fadem said:

“We are lowering our $2.33 (vs. guide of $2.29-2.41, ex inc. buybacks) owing primarily to lower sales/EBIT margins vs. our prior model and reducing our to $2.41.”

According to TipRanks.com, Fadem is a 4-star analyst with an average return of 9.3% and a 62.2% success rate. Fadem covers the Services sector, focusing on stocks such as National Vision Holdings Inc, Floor & Decor Holdings Inc, and Advance Auto Parts.

The word on The Street in general, suggests a Hold analyst consensus rating for Michaels Companies with a $11.60 average price target.

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Based on Michaels Companies’ latest earnings release for the quarter ending January 31, the company reported a quarterly net profit of $181 million. In comparison, last year the company had a net profit of $26.82 million.

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Michaels Cos., Inc. is an arts and crafts specialty retailer, which engages in the provision of materials, project ideas, and education for creative activities. It operates through the following segments: Michaels-U.S., Michaels-Canada, Aaron Brothers, Pat Catan’s, and Darice.