Stanley Furniture downgraded to “hold”
NEW YORK, September 14 (newratings.com) – Analysts at BB&T Capital Markets downgrade Stanley Furniture Co Inc (STLY.NAS) from “buy” to “hold,” while reducing their estimates for the company.
In a research note published this morning, the analysts mention that the company has reduced its revenue guidance for 3Q from a decline of 2%-5% to a decline of 8%-10%.
Stanley Furniture has guided to a sales volume decline of 4%-7% for the full year. The company’s outlook indicates deteriorating EPS comps through the year-end, which is likely to exert pressure on Stanley Furniture’s stock in the near term and delay the company’s recovery to FY07, BB&T Capital Markets adds. The EPS estimate for FY06 has been reduced from $1.58 to $1.31.
