UPDATE: Stifel Upgrades Conn's As Credit Is Stabilizing

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In a report published Monday, Stifel analyst John Baugh upgraded the rating on
Conn's, Inc.CONN
from Hold to Buy, and named a $33.00 price target. In the report, Stifel noted, "We are raising our rating on Conn's from a Hold to a Buy and setting a price target of $33 per share or 14x our 12-month forward EPS estimate of $2.37 per share. We believe Conn's current stock price assumes significant further deterioration in credit performance from here forward when there are numerous data points that Conn's credit is getting ‘less bad'. There were 11.5 million shares short as of 1/15 (we also note the float is about 25 million shares since Stephens and Luxor have large positions that aren't likely to be sold soon) and we believe the shorts need credit deterioration to continue. Recent data points on the payment rate and 60+ past dues suggest some level of stabilization." Conn's closed on Friday at $22.49.
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Posted In: Analyst ColorUpgradesAnalyst RatingsJohn BaughStifel
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