Sector Wrap: Furniture Retailers
August 15th, 2007
Furniture Retailer Shares Mixed After Morgan Keegan Cuts Haverty on Economic Environment
NEW YORK (AP) — Shares of furniture retailers were mixed Tuesday after a Morgan Keegan analyst cut his rating on Haverty Furniture Companies Inc. stock, citing concerns that the economic environment may squash the potential for more share price growth.
Analyst Laura A. Champine downgraded the shares to “Market Perform” from “Outperform” and said the shares have risen 11 percent since the beginning of the month.
“The company’s consistent inventory reduction in 2007 and management’s upbeat attitude towards the second half of the year leave some upside potential, but we do not believe that this is enough reason to carry the stock higher in the near-term given the current macroeconomic issues that continue to plague the sector,” Champine said.
The furniture retail sector has struggled to keep sales rising amid a slowdown in the housing market.
Haverty shares fell 32 cents, or 2.9 percent, to $10.71, while Hooker Furniture shares dipped 82 cents, or 4.4 percent, to $17.89.
Furniture Brands International shares Inc. shares declined 43 cents, or 3.6 percent, to $11.61.
La-Z-Boy Inc. shares, though, rose 7 cents to $9.60, and Ethan Allen Interiors shares climbed 6 cents to $32.16.
Entry Filed under: Furniture Indonesia News
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