SUPERVALU Inc NEUTRAL ZACKS CONSENSUS ESTIMATES (SVU-NYSE)
|
|
- Clyde Dorsey
- 5 years ago
- Views:
Transcription
1 February 27, 2015 SUPERVALU Inc (SVU-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 09/07/2011 Current Price (02/26/15) $10.00 Target Price $ Week High $ Week Low $6.22 One-Year Return (%) Beta 2.05 Average Daily Volume (sh) 1,899,587 Shares Outstanding (mil) 261 Market Capitalization ($mil) $2,613 Short Interest Ratio (days) 3.63 Institutional Ownership (%) 69 Insider Ownership (%) 1 Annual Cash Dividend $0.00 Dividend Yield (%) Yr. Historical Growth Rates Sales (%) Earnings Per Share (%) Dividend (%) using TTM EPS 15.4 using 2015 Estimate 14.4 using 2016 Estimate 13.7 Zacks Rank *: Short Term 1 3 months outlook 2 - Buy * Definition / Disclosure on last page SUMMARY SUPERVALU s third-quarter fiscal 2015 earnings of $0.18 beat the Zacks Consensus Estimate by 28.6% and improved 38.5% from the year-ago results backed by higher sales. Net sales surpassed the Zacks Consensus Estimate by 3.7% and increased 4.7% year over year on the back of positive identical store sales in the Save-A-Lot network and retail food segment. Additionally, we commend the company s efforts to cut costs by divesting its underperforming assets. Moreover, it has undertaken several initiatives to improve comps in the retail sector. Despite modest recovery in macroeconomic environment, the company will face the pressure over the near term. Hence we prefer to remain on the sidelines with this stock Risk Level * Average, Type of Stock N/A Industry Food-Misc/Dvrsd Zacks Industry Rank * 217 out of 267 ZACKS CONSENSUS ESTIMATES Revenue Estimates (In millions of $) Q1 Q2 Q3 Q4 Year (May) (Aug) (Nov) (Feb) (Feb) ,913 A 3,890 A 17,097 A ,158 A 3,948 A 4,012 A 3,953 A 17,155 A ,234 A 4,018 A 4,204 A 4,361 E 17,808 E ,517 E 4,235 E 4,431 E 18,186 E Earnings Per Share Estimates (EPS is operating earnings before non-recurring items, but including employee stock options expenses) Q1 Q2 Q3 Q4 Year (May) (Aug) (Nov) (Feb) (Feb) 2013 $0.03 A -$0.14 A -$0.37 A 2014 $0.14 A $0.13 A $0.13 A $0.18 A $0.58 A 2015 $0.18 A $0.11 A $0.18 A $0.22 E $0.69 E 2016 $0.22 E $0.12 E $0.16 E $0.73 E Projected EPS Growth - Next 5 Years % Zacks Investment Research, All Rights reserved S. Riverside Plaza, Chicago IL 60606
2 OVERVIEW SUPERVALU Inc., founded in 1871, and based in Eden Prairie, MN, is one of the leading companies in the United States grocery business. The retail operations of the company are conducted under the banners like, Acme Markets, Shoppers Food & Pharmacy, Cub Foods, Farm Fresh, Lucky, Shop 'n Save, Scott's, Star Markets, Bristol Farms, bigg's, Hornbacher's, and Sunflower Market. The company operates through three retail food store formats - combination stores, food stores and limited assortment food stores. The combination stores refer to the combination of food and pharmacy. SUPERVALU operates through two reportable segments: Retail food and Independent business. These divisions refer to two distinct businesses; one of them is retail and the other wholesale. Each segment has a separate customer base, marketing strategy and management structure. The Retail Food division derives revenues from the sale of groceries at retail outlets operated by SUPERVALU. The Independent Business division derives revenues from wholesale distribution to independentlyowned retail food stores, mass merchants and other customers and logistics support services. The company s Independent business network is spread over 47 states. It serves as the primary grocery supplier to independent retail customers, the company s own stores, as well as secondary grocery suppliers. REASONS TO BUY Strong Retail Expansion: SUPERVALU derives a major portion of its revenues from the retail food segment. The company is trying to develop retail operations, primarily through new store development, addition of merchandise to existing stores and increasing the number of replacement food distribution centers. The company has also upgraded its technology to drive productivity and added a number of customer-facing merchandising initiatives to drive sales. SUPERVALU added approximately 50 Save-A-Lot stores in fiscal Additionally, 200 private label items were introduced at the Save-A-Lot stores in fiscal 2015 and accelerated the momentum of store expansions under the banner. SUPERVALU is working on refreshing Save-A-Lot's private label packaging and expects to update more than 1,000 stocks by the end of fiscal This strategic expansion is likely to give a wider base to the retailer s products, thereby generating solid revenue streams, going forward. The company plans to add 250 Save-A-Lot stores till Initiative to Boost Sales and Margins: In order to boost sales growth, SUPERVALU is geared to expand its retail banners. The company is rebranding most of its retail banners so that each has a clearly-defined identity communicated through in-store signage, weekly ads, customer s, mobile devices and banner web pages. The company is focusing on the private labels among the retail banners as they have been reporting decent sales for the past few quarters. In addition, the company s fair price plus promotion strategy, started in fiscal 2013, helps the company to competitively price its products with the aim to increase its market share. Additionally the load-to-card program started in fiscal 2014 in the Cub stores in Minnesota that allows customers to download digital coupons directly to their phone or their Cub Rewards Card, making their shopping Equity Research SVU Page 2
3 experience faster, more convenient and consistent is expected to boost the company s sales in the coming quarters. Moreover, SUPERVALU has collaborated with its licensees to improve store operations and merchandising. Licensees have shown a greater willingness to adopt programs into their stores, including new directional sign packages, more prominent displays of price investment items, and SUPERVALU s new merchandising sets. This has helped SUPERVALU to improve its comps. Moreover, SUPERVALU is geared to remodel its stores to make it more impressive for customers. Initiatives are being taken to display bulk products in visually attractive ways and facilitate easier navigation through products. Proper classification of categories has helped the company gain comps at its stores. Focus on fresh from farm department at the Save-A-Lot stores has been increased as the category reported decent sales in the past. The company s recent endeavor to keep seasonally relevant general merchandise at its Save-a-Lot stores is also encouraging. Although the company has rolled out its seasonal items in a few of its stores, the initial results have prompted it to expand its seasonal items in a greater number of stores, going ahead. Taking Steps to Increase Operating Efficiency: The company has been bearing the brunt of higher operating costs since past few quarters. As part of the broad-based strategic alternatives, SUPERVALU sold its Albertson's, Jewel-Osco, Acme, Shaw's and Star Market chains (acquired in 2006) comprising 877 stores in total. This sell off undertaken in March 2013 was done in order to reduce loss in the coming quarters as well as streamline its operations in order to focus more on Save-A-Lot discount stores and its smaller regional chains Cub, Farm Fresh, Shoppers, Shop 'n Save and Hornbacher's. In order to increase operating efficiency, SUPERVALU has resorted to single sourcing in its independent business. Under this system, the company is supplying goods to retailers who source their products only from SUPERVALU. As a result, the company has been able to increase efficiency and predictability around demand. Moreover, SUPERVALU made a new organizational design and divided the business into two geographic regions to help in both affiliating new, independent retailers and driving sales growth with current customers. The new design will also help in eliminating duplicative work and lowering cost structure. In fiscal 2015, SUPERVALU started using Volvo trucks that operate on compressed natural gas (CNG) to distribute grocery items from its distribution center to grocery stores. These trucks reduce oil consumption and emit fewer tons of greenhouse gases. In addition to the environmental benefits, the new CNG fleet and fast-fill stations are expected to reduce SUPERVALU s operating costs given the lower cost of CNG. REASONS TO SELL Possible Margin Headwinds in the Future: There is a possibility that the company s Transition Services Agreements (TSAs) with Albertson's LLC and New Albertson's, Inc. may not be extended beyond its initial term (ending Sep 2015) posing a risk. This could affect profitability if cost cuts are unable to offset the lack of revenues from the TSAs. Equity Research SVU Page 3
4 Challenging Consumer Spending Affecting Sales: The consumer environment in the developed countries continues to be challenging despite moderate recovery. The pace of economic recovery is relatively slow. Slow job growth, high interest rates and still-tightened credit availability continue to hurt customer discretionary spending. Tax increases and higher healthcare costs have further lowered the disposable incomes of consumers. Sluggish recovery in these markets is expected to negatively impact the demand for SUPERVALU s commodities. Moreover, inflation has proved to be a challenge for several cash-strapped customers. As a hard-discount store, SUPERVALU has been unable to increase prices to match the cost of inputs, which has crippled its margins. The U.S. government has taken up the sequestration policy as a way to combat the ongoing macroeconomic headwinds in the country. Under the policy, the government is reducing military expenditure by temporarily shutting down several commissaries. This is putting pressure on the company s military segment sales. RECENT NEWS SUPERVALU Beats Third Quarter Earnings Estimates on Higher Sales Jan 08, 2015 SUPERVALU's third-quarter fiscal 2015 earnings per share of $0.18 beat the Zacks Consensus Estimate of $0.14 by 28.6%. Earnings also surpassed year-ago results of $0.13 by 38.5%, backed by a higher top line. Adjusted earnings exclude an after-tax charge of $1 million. Revenues and Margins SUPERVALU s total sales increased 4.7% year over year to $4.20 billion, backed by positive identical store sales in the Save-A-Lot network and retail food segment as well as the Independent business. Sales surpassed the Zacks Consensus Estimate of $4.05 billion by 3.7%. Gross profit increased 4% to $593.0 million from the year-ago quarter. However, gross margin shrank 20 basis points (bps) to 14.1%. The decline resulted from lower fees earned under the TSA, predominantly related to the one-year transition fee earned under the TSA in fiscal Despite cost reduction initiatives, operating earnings declined 47.1% to $56 million and operating margin shrank 130 bps to 1.3% mainly due to higher employee related costs and selling, general and administrative expenses. Segment Details Net sales at Retail Food increased 5.7% from the prior-year quarter at $1.12 billion contributed by the newly acquired stores and higher comps. Same-store sales recorded a gain of 2.3% compared with a gain of 0.4% in the previous quarter. Strong store traffic improved same-store sales. Operating margin in the segment inflated 20 bps to 2.5% due to lower depreciation, occupancy and employee-related costs. Net sales at the Save-A-Lot stores increased 9% from the year-ago quarter to $1.08 billion backed by 6.9% positive same-store sales across the network. Same-store sales for corporate stores within the Save-A-Lot network were 8.5%. Save-A-Lot's operating margin shrank 90 bps to 3.2% due to incremental investment in fair price promotion strategy as well as higher advertising, employee and occupancy costs. Save-A-Lot s results continued to reflect the benefits from the fresh cut meat program started in the previous quarter. Equity Research SVU Page 4
5 Net sales at the Independent business gained 2.6% year over year to $1.96 billion. Higher sales to existing customers drove sales higher. The Independent business operating margin gained 10 bps to 3% of sales. Corporate During the third quarter, SUPERVALU received $43 million under the TSA compared with $48 million a year ago, due to higher number of stores and distribution centers covered under the agreement. Other Financial Update Cash and cash equivalents of SUPERVALU totaled $418.0 million as of Nov 29, 2014, versus $88.0 million as of Sep 6, Long-term debt and capital lease obligations were $2.6 billion as of Nov 29, 2014 compared with $2.3 billion as of Sep 6, VALUATION SUPERVALU s current trailing 12-month earnings multiple is 15.4x, which is a 34.2% discount to the industry average of 23.4x. Based on 2015 earnings estimate of $0.69, the stock is trading at 14.5x, which is a 51.5% discount to the industry average of 29.9x. Target price of $10.00 is based on approximately 14.5x our 2015 earnings estimate. Key Indicators F1 F2 Est. 5-Yr EPS Gr% P/CF 5-Yr High 5-Yr Low SUPERVALU INC (SVU) Industry Average S&P GENL MILLS (GIS) SAN MIGUEL CORP (SMGBY) CONAGRA FOODS (CAG) ARAMARK HOLDING (ARMK) TTM is trailing 12 months; F1 is 2015 and F2 is 2016, CF is operating cash flow P/B Last Qtr. P/B 5-Yr High P/B 5-Yr Low ROE D/E Last Qtr. Div Yield Last Qtr. EV/EBITDA SUPERVALU INC (SVU) Industry Average S&P Equity Research SVU Page 5
6 Earnings Surprise and Estimate Revision History Equity Research SVU Page 6
7 DISCLOSURES & DEFINITIONS The analysts contributing to this report do not hold any shares of SVU. The EPS and revenue forecasts are the Zacks Consensus estimates. Additionally, the analysts contributing to this report certify that the views expressed herein accurately reflect the analysts personal views as to the subject securities and issuers. Zacks certifies that no part of the analysts compensation was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by the analyst in the report. Additional information on the securities mentioned in this report is available upon request. This report is based on data obtained from sources we believe to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. Because of individual objectives, the report should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed herein are subject to change. This report is not to be construed as an offer or the solicitation of an offer to buy or sell the securities herein mentioned. Zacks or its officers, employees or customers may have a position long or short in the securities mentioned and buy or sell the securities from time to time. Zacks uses the following rating system for the securities it covers. Outperform- Zacks expects that the subject company will outperform the broader U.S. equity market over the next six to twelve months. Neutral- Zacks expects that the company will perform in line with the broader U.S. equity market over the next six to twelve months. Underperform- Zacks expects the company will under perform the broader U.S. Equity market over the next six to twelve months. The current distribution of Zacks Ratings is as follows on the 1126 companies covered: Outperform %, Neutral %, Underperform 8.2%. Data is as of midnight on the business day immediately prior to this publication. Our recommendation for each stock is closely linked to the Zacks Rank, which results from a proprietary quantitative model using trends in earnings estimate revisions. This model is proven most effective for judging the timeliness of a stock over the next 1 to 3 months. The model assigns each stock a rank from 1 through 5. Zacks Rank 1 = Strong Buy. Zacks Rank 2 = Buy. Zacks Rank 3 = Hold. Zacks Rank 4 = Sell. Zacks Rank 5 = Strong Sell. We also provide a Zacks Industry Rank for each company which provides an idea of the near-term attractiveness of a company s industry group. We have 264 industry groups in total. Thus, the Zacks Industry Rank is a number between 1 and 264. In terms of investment attractiveness, the higher the rank the better. Historically, the top half of the industries has outperformed the general market. In determining Risk Level, we rely on a proprietary quantitative model that divides the entire universe of stocks into five groups, based on each stock s historical price volatility. The first group has stocks with the lowest values and are deemed Low Risk, while the 5 th group has the highest values and are designated High Risk. Designations of Below-Average Risk, Average Risk, and Above-Average Risk correspond to the second, third, and fourth groups of stocks, respectively. Equity Research SVU Page 7
SUMMARY. Risk Level *
January 09, 2015 Fred s Inc (FRED-NASDAQ) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 07/17/2014 Current Price (01/08/15) $17.13 Target Price $18.00
More informationBig Lots Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (BIG-NYSE) SUMMARY
March 13, 2015 Big Lots Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 03/24/2014 Current Price (03/11/15) $49.95 Target Price $52.00 52-Week High
More informationAvery Dennison Corporation
March 20, 2015 Avery Dennison Corporation Current Recommendation NEUTRAL Prior Recommendation Outperform Date of Last Change 09/26/2013 Current Price (03/19/15) $53.00 Target Price $56.00 SUMMARY DATA
More informationDillard s Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (DDS-NYSE)
March 12, 2015 Dillard s Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 01/05/2014 Current Price (03/11/15) $130.28 Target Price $137.00 52-Week High
More informationBed Bath & Beyond Inc.
January 21, 2015 Bed Bath & Beyond Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 11/23/2009 Current Price (01/20/15) $73.31 Target Price $77.00 52-Week
More informationThe Tjx Companies Inc
February 26, 2015 The Tjx Companies Inc Current Recommendation Prior Recommendation Underperform Date of Last Change 04/29/2010 Current Price (02/25/15) $69.38 Target Price $73.00 NEUTRAL SUMMARY (TJX-NYSE)
More informationKirkland s Inc OUTPERFORM ZACKS CONSENSUS ESTIMATES (KIRK-NASDAQ) SUMMARY
February 09, 2015 Kirkland s Inc (KIRK-NASDAQ) Current Recommendation Prior Recommendation Neutral Date of Last Change 02/09/2015 Current Price (02/06/15) $25.66 Target Price $31.00 OUTPERFORM SUMMARY
More information(RHI-NYSE) SUMMARY. Risk Level *
March 04, 2015 Robert Half International Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 08/19/2012 Current Price (03/03/15) $62.70 Target Price $66.00
More informationDover Corporation NEUTRAL ZACKS CONSENSUS ESTIMATES (DOV-NYSE) SUMMARY
March 09, 2015 Dover Corporation Current Recommendation Prior Recommendation Outperform Date of Last Change 01/11/2011 Current Price (03/06/15) $70.71 Target Price $74.00 NEUTRAL SUMMARY (DOV-NYSE) In
More informationSUMMARY. Risk Level *
February 26, 2015 The Home Depot, Inc. Current Recommendation Earnings Update: Home Depot Tops Q4 Earnings & Revenues, Guides FY15 SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change
More informationAvnet, Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (AVT-NYSE) SUMMARY
January 30, 2015 Avnet, Inc. Current Recommendation Prior Recommendation SUMMARY DATA NEUTRAL Underperform Date of Last Change 04/02/2013 Current Price (01/29/15) $42.26 Target Price $44.00 52-Week High
More informationItron, Inc. UNDERPERFORM ZACKS CONSENSUS ESTIMATES (ITRI-NASDAQ) SUMMARY
February 13, 2015 Itron, Inc. Current Recommendation Prior Recommendation Neutral Date of Last Change 02/08/2015 Current Price (02/12/15) $35.87 Target Price $33.00 SUMMARY DATA UNDERPERFORM 52-Week High
More informationCincinnati Financial Corp.
February 06, 2015 Cincinnati Financial Corp. NEUTRAL Current Recommendation Prior Recommendation Outperform Date of Last Change 02/10/2014 Current Price (02/05/15) $51.89 Target Price $54.00 (CINF-NASDAQ)
More informationMeritor, Inc. OUTPERFORM ZACKS CONSENSUS ESTIMATES (MTOR-NYSE)
January 08, 2015 Meritor, Inc. Current Recommendation Prior Recommendation Neutral Date of Last Change 01/08/2015 Current Price (01/07/15) $15.10 Target Price $18.00 SUMMARY DATA OUTPERFORM 52-Week High
More informationHibbett Sports, Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (HIBB-NASDAQ)
December 12, 2014 Hibbett Sports, Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 06/17/2014 Current Price (12/11/14) $48.16 Target Price $51.00 52-Week
More informationFirst Republic Bank NEUTRAL ZACKS CONSENSUS ESTIMATES (FRC-NYSE) SUMMARY
March 06, 2015 First Republic Bank Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Neutral Date of Last Change 04/14/2011 Current Price (03/05/15) $57.70 Target Price $61.00 52-Week High
More informationPitney Bowes Inc. (PBI-NYSE) Analyst Note
February 03, 2015 Pitney Bowes Inc. (PBI-NYSE) Analyst Note Current Recommendation Prior Recommendation Outperform Date of Last Change 05/01/2014 Current Price (02/02/15) $22.26 Target Price $23.00 NEUTRAL
More informationWells Fargo & Company
March 04, 2015 Wells Fargo & Company Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation N/A Date of Last Change 04/07/2000 Current Price (03/03/15) $55.45 Target Price $58.00 52-Week High
More informationSnap-On Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES RECENT NEWS (SNA-NYSE) SUMMARY
February 09, 2015 Snap-On Inc. (SNA-NYSE) NEUTRAL Current Recommendation Prior Recommendation Outperform Date of Last Change 09/26/2011 Current Price (02/06/15) $140.99 Target Price $148.00 SUMMARY Keeping
More informationTerex Corporation NEUTRAL ZACKS CONSENSUS ESTIMATES (TEX-NYSE) SUMMARY
February 19, 2015 Terex Corporation Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 01/04/2015 Current Price (02/18/15) $26.80 Target Price $28.00 52-Week
More informationCullen/Frost Bankers, Inc.
December 26, 2014 Cullen/Frost Bankers, Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Neutral Date of Last Change 11/30/2001 Current Price (12/25/14) $70.74 Target Price $74.00
More informationCH Robinson Worldwide Inc.
March 20, 2015 CH Robinson Worldwide Inc. Current Recommendation NEUTRAL Prior Recommendation Underperform Date of Last Change 08/22/2013 Current Price (03/19/15) $75.16 Target Price $79.00 SUMMARY DATA
More informationPentair plc NEUTRAL ZACKS CONSENSUS ESTIMATES (PNR-NYSE)
March 20, 2015 Pentair plc (PNR-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 01/12/2014 Current Price (03/19/15) $64.38 Target Price $68.00 52-Week
More informationPenske Automotive Group, Inc. (PAG-NYSE)
February 13, 2015 Penske Automotive Group, Inc. (PAG-NYSE) Current Recommendation Prior Recommendation Neutral Date of Last Change 07/16/2014 Current Price (02/12/15) $47.96 Target Price $58.00 SUMMARY
More informationInterpublic Group of Companies Inc.
February 16, 2015 Interpublic Group of Companies Inc. (IPG-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 05/28/2012 Current Price (02/13/15) $22.10
More informationMarathon Petroleum Corporation
January 19, 2015 Marathon Petroleum Corporation (MPC-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 01/07/2014 Current Price (01/16/15) $77.56 Target
More informationUltra Petroleum Corp.
January 21, 2015 Ultra Petroleum Corp. Current Recommendation Prior Recommendation Neutral Date of Last Change 11/16/2014 Current Price (01/20/15) $13.57 Target Price $12.00 SUMMARY DATA UNDERPERFORM 52-Week
More informationJones Lang LaSalle Inc.
February 13, 2015 Jones Lang LaSalle Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 11/07/2013 Current Price (02/12/15) $160.97 Target Price $169.00
More informationKB Home UNDERPERFORM ZACKS CONSENSUS ESTIMATES (KBH-NYSE)
February 11, 2015 KB Home (KBH-NYSE) Current Recommendation Prior Recommendation Neutral Date of Last Change 02/11/2015 Current Price (02/10/15) $13.61 Target Price $12.00 UNDERPERFORM SUMMARY We are downgrading
More informationAGCO Corporation NEUTRAL ZACKS CONSENSUS ESTIMATES (AGCO-NYSE) SUMMARY
February 05, 2015 AGCO Corporation Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 12/28/2014 Current Price (02/03/15) $48.96 Target Price $51.00 52-Week
More informationVistaprint N.V. NEUTRAL ZACKS CONSENSUS ESTIMATES (VPRT-NASDAQ) SUMMARY
October 30, 2014 Vistaprint N.V. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 08/07/2013 Current Price (10/29/14) $55.06 Target Price $58.00 52-Week High
More informationInvesco Ltd. NEUTRAL ZACKS CONSENSUS ESTIMATES (IVZ-NYSE)
March 10, 2015 Invesco Ltd. (IVZ-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 10/03/2012 Current Price (03/09/15) $40.40 Target Price $42.00 52-Week
More informationDeere & Company NEUTRAL ZACKS CONSENSUS ESTIMATES (DE-NYSE)
February 13, 2015 Deere & Company Current Recommendation Prior Recommendation Outperform Date of Last Change 12/09/2010 Current Price (02/12/15) $89.37 Target Price $94.00 NEUTRAL (DE-NYSE) SUMMARY Deere
More informationPrecision Castparts Corp.
February 19, 2015 Precision Castparts Corp. Current Recommendation Prior Recommendation Neutral Date of Last Change 02/19/2015 Current Price (02/18/15) $210.97 Target Price $192.00 UNDERPERFORM (PCP-NYSE)
More informationNavigant Consulting Inc.
February 17, 2015 Navigant Consulting Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 08/15/2013 Current Price (02/16/15) $14.99 Target Price $16.00
More informationAmerican Axle & Manufacturing Holdings Inc.
January 22, 2015 American Axle & Manufacturing Holdings Inc. (AXL-NYSE) NEUTRAL Current Recommendation Prior Recommendation Underperform Date of Last Change 05/07/2013 Current Price (01/21/15) $24.14 Target
More informationDollar Tree Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (DLTR-NASDAQ)
February 26, 2015 Dollar Tree Inc. Current Recommendation Earnings Update: Dollar Tree Tops Q4 Earnings & Sales; Guides FY15 SUMMARY DATA NEUTRAL Prior Recommendation Neutral Date of Last Change 08/21/2011
More informationDENTSPLY International Inc.
March 18, 2015 DENTSPLY International Inc. Current Recommendation Prior Recommendation NEUTRAL Outperform Date of Last Change 02/19/2012 Current Price (03/17/15) $51.13 Target Price $54.00 SUMMARY (XRAY-NASDAQ)
More informationSUMMARY. Risk Level *
February 02, 2015 Xerox Corporation Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 10/18/2012 Current Price (01/30/15) $13.17 Target Price $14.00 52-Week
More informationCanadian Natural Resources Ltd.
March 12, 2015 Canadian Natural Resources Ltd. (CNQ-NYSE) Current Recommendation Prior Recommendation Underperform Date of Last Change 06/30/2013 Current Price (03/11/15) $28.82 Target Price $30.00 NEUTRAL
More informationDollar General Corporation
March 19, 2015 Dollar General Corporation Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 11/09/2011 Current Price (03/18/15) $75.39 Target Price $79.00
More informationSimon Property Group Inc. (SPG-NYSE) Analyst Note
February 02, 2015 Simon Property Group Inc. (SPG-NYSE) Analyst Note NEUTRAL Current Recommendation Prior Recommendation Underperform Date of Last Change 09/11/2014 Current Price (01/30/15) $198.66 Target
More informationCabot Oil & Gas Corporation
January 16, 2015 Cabot Oil & Gas Corporation Current Recommendation Prior Recommendation Neutral Date of Last Change 01/16/2015 Current Price (01/15/15) $28.78 Target Price $26.00 UNDERPERFORM SUMMARY
More informationRockwell Automation Inc.
March 16, 2015 Rockwell Automation Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 07/31/2011 Current Price (03/13/15) $111.52 Target Price $117.00
More informationThe Clorox Company NEUTRAL ZACKS CONSENSUS ESTIMATES (CLX-NYSE)
March 11, 2015 The Clorox Company Current Recommendation NEUTRAL Prior Recommendation Outperform Date of Last Change 11/11/2012 Current Price (03/10/15) $107.83 Target Price $113.00 SUMMARY DATA (CLX-NYSE)
More informationSVB Financial Group NEUTRAL ZACKS CONSENSUS ESTIMATES (SIVB-NASDAQ) SUMMARY
January 02, 2015 SVB Financial Group Current Recommendation NEUTRAL Prior Recommendation Outperform Date of Last Change 01/02/2015 Current Price (01/01/15) $116.07 Target Price $122.00 SUMMARY DATA (SIVB-NASDAQ)
More informationTE Connectivity Ltd. (TEL-NYSE) Analyst Note
January 30, 2015 TE Connectivity Ltd. (TEL-NYSE) Analyst Note Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 12/30/2012 Current Price (01/29/15) $67.57
More information(SEIC-NASDAQ) Risk Level *
March 20, 2015 SEI Investments Co. Current Recommendation NEUTRAL Prior Recommendation Outperform Date of Last Change 09/30/2013 Current Price (03/19/15) $43.74 Target Price $46.00 SUMMARY DATA (SEIC-NASDAQ)
More informationAvon Products Inc. UNDERPERFORM ZACKS CONSENSUS ESTIMATES (AVP-NYSE)
February 19, 2015 Avon Products Inc. Current Recommendation Prior Recommendation Neutral Date of Last Change 02/19/2015 Current Price (02/18/15) $9.10 Target Price $8.25 SUMMARY DATA UNDERPERFORM 52-Week
More informationCIT Group Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (CIT-NYSE)
February 24, 2015 CIT Group Inc. (CIT-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 02/18/2015 Current Price (02/23/15) $46.13 Target Price $48.50
More informationPlum Creek Timber Co. Inc.
February 19, 2015 Plum Creek Timber Co. Inc. Current Recommendation Prior Recommendation Underperform Date of Last Change 11/23/2014 Current Price (02/18/15) $43.04 Target Price $45.00 NEUTRAL (PCL-NYSE)
More informationSUMMARY. Risk Level *
February 13, 2015 NetApp, Inc. Current Recommendation Earnings Update: NetApp Reports Q3 Results SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 08/19/2013 Current Price (02/12/15)
More informationAmerican Eagle Outfitters Inc.
March 19, 2015 American Eagle Outfitters Inc. (AEO-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 06/19/2014 Current Price (03/18/15) $17.04 Target
More informationCONSOL Energy Inc. (CNX-NYSE)
March 17, 2015 CONSOL Energy Inc. (CNX-NYSE) Current Recommendation NEUTRAL Prior Recommendation Underperform Date of Last Change 08/20/2013 Current Price (03/16/15) $27.02 Target Price $28.00 SUMMARY
More informationCablevision Systems Corporation.
January 14, 2015 Cablevision Systems Corporation. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 02/10/2014 Current Price (01/13/15) $20.00 Target Price
More informationTransocean Ltd. NEUTRAL ZACKS CONSENSUS ESTIMATES (RIG-NYSE)
January 14, 2015 Transocean Ltd. (RIG-NYSE) Current Recommendation Prior Recommendation Underperform Date of Last Change 02/14/2012 Current Price (01/13/15) $15.52 Target Price $16.00 NEUTRAL SUMMARY We
More information(PGR-NYSE) Risk Level *
March 18, 2015 Progressive Corp. Current Recommendation NEUTRAL Prior Recommendation Outperform Date of Last Change 05/19/2013 Current Price (03/17/15) $27.03 Target Price $28.00 SUMMARY DATA (PGR-NYSE)
More informationFederated Investors, Inc.
March 04, 2015 Federated Investors, Inc. Current Recommendation Prior Recommendation Underperform Date of Last Change 11/30/2014 Current Price (03/03/15) $33.52 Target Price $35.00 NEUTRAL SUMMARY (FII-NYSE)
More informationO'Reilly Automotive Inc.
February 05, 2015 O'Reilly Automotive Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 06/15/2011 Current Price (02/03/15) $193.28 Target Price $203.00
More informationMagna International Inc.
February 26, 2015 Magna International Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 07/09/2014 Current Price (02/25/15) $110.01 Target Price $116.00
More informationLincoln Electric Holdings Inc.
January 22, 2015 Lincoln Electric Holdings Inc. Current Recommendation Prior Recommendation Neutral Date of Last Change 01/22/2015 Current Price (01/21/15) $67.15 Target Price $81.00 OUTPERFORM SUMMARY
More informationThe Cheesecake Factory Incorporated
March 20, 2015 The Cheesecake Factory Incorporated (CAKE-NASDAQ) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 01/12/2011 Current Price (03/19/15) $48.82
More informationSymmetry Medical, Inc.
November 28, 2014 Symmetry Medical, Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 11/28/2014 Current Price (11/27/14) $9.11 Target Price $9.50 52-Week
More informationAmerican Capital Agency Corp.
January 15, 2015 American Capital Agency Corp. (AGNC-NASDAQ) Current Recommendation Prior Recommendation Neutral Date of Last Change 10/15/2014 Current Price (01/14/15) $21.53 Target Price $26.00 SUMMARY
More informationTorchmark Corp. NEUTRAL ZACKS CONSENSUS ESTIMATES (TMK-NYSE) SUMMARY
March 12, 2015 Torchmark Corp. Current Recommendation NEUTRAL Prior Recommendation Underperform Date of Last Change 07/20/2006 Current Price (03/11/15) $53.41 Target Price $56.00 SUMMARY DATA (TMK-NYSE)
More informationLiberty Property Trust
December 29, 2014 Liberty Property Trust Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 01/27/2014 Current Price (12/26/14) $37.95 Target Price $40.00
More informationGenworth Financial Inc.
February 12, 2015 Genworth Financial Inc. Current Recommendation Prior Recommendation Neutral Date of Last Change 08/22/2014 Current Price (02/11/15) $8.33 Target Price $7.50 SUMMARY DATA UNDERPERFORM
More informationEquity Residential NEUTRAL ZACKS CONSENSUS ESTIMATES (EQR-NYSE) SUMMARY
March 16, 2015 Equity Residential Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 11/15/2009 Current Price (03/13/15) $77.02 Target Price $81.00 52-Week
More informationUnited Parcel Service Inc.
December 25, 2014 United Parcel Service Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 02/04/2009 Current Price (12/24/14) $112.41 Target Price $118.00
More informationPrudential Financial Inc.
February 06, 2015 Prudential Financial Inc. Current Recommendation NEUTRAL Prior Recommendation Outperform Date of Last Change 04/03/2014 Current Price (02/05/15) $75.32 Target Price $79.00 SUMMARY DATA
More informationHoneywell International Inc.
January 29, 2015 Honeywell International Inc. Current Recommendation NEUTRAL Prior Recommendation Outperform Date of Last Change 07/18/2012 Current Price (01/28/15) $99.82 Target Price $105.00 SUMMARY
More informationSuncor Energy UNDERPERFORM ZACKS CONSENSUS ESTIMATES (SU-NYSE)
March 11, 2015 Suncor Energy (SU-NYSE) Current Recommendation Prior Recommendation Neutral Date of Last Change 12/18/2014 Current Price (03/10/15) $28.03 Target Price $25.00 UNDERPERFORM SUMMARY Amid weak
More informationCentral Garden & Pet Company
February 11, 2015 Central Garden & Pet Company (CENT-NASDAQ) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 06/22/2014 Current Price (02/10/15) $9.13 Target
More informationRisk Level * 2013 $0.55 A $0.72 A $0.47 A $2.31 A $4.00 A 2015 $0.69 E $0.93 E $0.65 E $2.62 E $4.89 E
January 19, 2015 Macy s, Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 11/24/2013 Current Price (01/16/15) $63.14 Target Price $66.00 52-Week High
More informationExelon Corporation NEUTRAL ZACKS CONSENSUS ESTIMATES (EXC-NYSE) SUMMARY
March 06, 2015 Exelon Corporation Current Recommendation Prior Recommendation NEUTRAL Underperform Date of Last Change 06/28/2009 Current Price (03/05/15) $32.97 Target Price $35.00 (EXC-NYSE) SUMMARY
More informationCRA International Inc.
February 27, 2015 CRA International Inc. Current Recommendation Prior Recommendation Outperform Date of Last Change 02/09/2015 Current Price (02/26/15) $30.11 Target Price $32.00 NEUTRAL (CRAI-NASDAQ)
More informationTractor Supply Company
February 20, 2015 Tractor Supply Company Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 08/07/2012 Current Price (02/19/15) $85.57 Target Price $90.00 52-Week
More informationThe Gap, Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (GPS-NYSE)
March 19, 2015 The Gap, Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 03/19/2013 Current Price (03/18/15) $42.33 Target Price $44.00 52-Week High
More informationSallie Mae NEUTRAL ZACKS CONSENSUS ESTIMATES (SLM-NASDAQ)
December 30, 2014 Sallie Mae (SLM-NASDAQ) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 01/08/2013 Current Price (12/29/14) $10.32 Target Price $11.00
More informationathenahealth Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (ATHN-NASDAQ) SUMMARY
February 10, 2015 athenahealth Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 10/23/2011 Current Price (02/09/15) $136.28 Target Price $143.00 52-Week
More informationAllscripts Healthcare Solutions, Inc.
December 01, 2014 Allscripts Healthcare Solutions, Inc. Current Recommendation Prior Recommendation SUMMARY DATA NEUTRAL Outperform Date of Last Change 05/17/2012 Current Price (11/28/14) $12.02 Target
More informationCompanhia Paranaense De Energia
January 21, 2015 Companhia Paranaense De Energia (ELP-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 01/21/2015 Current Price (01/20/15) $12.20
More informationCitrix Systems Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (CTXS-NASDAQ) SUMMARY
January 13, 2015 Citrix Systems Inc. Current Recommendation Prior Recommendation Outperform Date of Last Change 7/09/2014 Current Price (01/12/15) $61.15 Target Price $64.00 NEUTRAL SUMMARY (CTXS-NASDAQ)
More informationCharter Communications Inc.
December 12, 2014 Charter Communications Inc. Current Recommendation NEUTRAL Prior Recommendation Underperform Date of Last Change 02/26/2014 Current Price (12/11/14) $164.16 Target Price $172.00 SUMMARY
More informationLiberty Interactive Corporation
September 11, 2014 Liberty Interactive Corporation (LINTA-NASDAQ) Current Recommendation Prior Recommendation Neutral Date of Last Change 09/11/2014 Current Price (09/10/14) $29.41 Target Price $27.00
More informationBorgWarner Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (BWA-NYSE)
February 13, 2015 BorgWarner Inc. Current Recommendation Prior Recommendation Underperform Date of Last Change 03/24/2013 Current Price (02/12/15) $61.38 Target Price $64.00 NEUTRAL (BWA-NYSE) SUMMARY
More informationMotorola Solutions Inc.
February 9, 2015 Motorola Solutions Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 12/02/2014 Current Price (02/06/15) $64.66 Target Price $68.00
More informationHSBC Holdings plc ADR (HSBC-NYSE)
February 24, 2015 HSBC Holdings plc ADR (HSBC-NYSE) Analyst Note NEUTRAL Current Recommendation Prior Recommendation Outperform Date of Last Change 12/21/2014 Current Price (02/23/15) $44.68 Target Price
More information(MOS-NYSE) Risk Level *
March 09, 2015 The Mosaic Company Current Recommendation Prior Recommendation Neutral Date of Last Change 03/09/2015 Current Price (03/06/15) $49.03 Target Price $59.00 OUTPERFORM (MOS-NYSE) SUMMARY We
More informationArmstrong World Industries, Inc.
December 11, 2014 Armstrong World Industries, Inc. (AWI-NYSE) Current Recommendation Prior Recommendation Neutral Date of Last Change 08/24/2014 Current Price (12/10/14) $47.71 Target Price $43.00 SUMMARY
More informationMcDermott International Inc.
January 12, 2015 McDermott International Inc. Current Recommendation NEUTRAL Prior Recommendation Underperform Date of Last Change 03/04/2013 Current Price (01/09/15) $2.85 Target Price $3.00 SUMMARY DATA
More informationNuStar Energy, L.P. NEUTRAL ZACKS CONSENSUS ESTIMATES (NS-NYSE) SUMMARY
March 13, 2015 NuStar Energy, L.P. Current Recommendation Prior Recommendation Underperform Date of Last Change 09/26/2013 Current Price (03/12/15) $60.71 Target Price $63.00 NEUTRAL SUMMARY (NS-NYSE)
More informationHudson City Bancorp, Inc.
March 20, 2015 Hudson City Bancorp, Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 03/20/2015 Current Price (03/19/15) $10.31 Target Price $11.00 52-Week
More informationBig 5 Sporting Goods Corporation
February 2, 2015 Big 5 Sporting Goods Corporation (BGFV-NASDAQ) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 02/02/2015 Current Price (01/30/15) $11.91
More informationCooper Tire & Rubber Co.
February 12, 2015 Cooper Tire & Rubber Co. Current Recommendation Prior Recommendation Neutral Date of Last Change 08/19/2014 Current Price (02/11/15) $36.75 Target Price $44.00 OUTPERFORM (CTB-NYSE) SUMMARY
More informationCampbell Soup Company
December 24, 2014 Campbell Soup Company Current Recommendation NEUTRAL Prior Recommendation Underperform Date of Last Change 03/12/2014 Current Price (12/23/14) $44.62 Target Price $47.00 SUMMARY DATA
More informationFlowserve Corporation
March 17, 2015 Flowserve Corporation Current Recommendation Prior Recommendation Underperform Date of Last Change 12/18/2014 Current Price (03/16/15) $56.96 Target Price $60.00 NEUTRAL (FLS-NYSE) SUMMARY
More informationTC PipeLines, L.P. (TCP-NYSE)
February 16, 2015 TC PipeLines, L.P. (TCP-NYSE) NEUTRAL Current Recommendation Prior Recommendation Outperform Date of Last Change 09/23/2014 Current Price (02/13/15) $68.99 Target Price $72.00 SUMMARY
More informationCanadian Natural Resources Ltd.
September 11, 2009 Canadian Natural Resources Ltd. SUMMARY DATA NEUTRAL Current Recommendation Prior Recommendation OUTPERFORM Date of Last Change 08/18/2009 Current Price (09/10/09) $62.91 Target Price
More information(TOL-NYSE) SUMMARY. Risk Level *
February 26, 2015 Toll Brothers Inc. NEUTRAL Current Recommendation Prior Recommendation Outperform Date of Last Change 11/05/2012 Current Price (02/25/15) $38.50 Target Price $40.00 (TOL-NYSE) SUMMARY
More information