Furniture Brands International Shares Jump After Analyst Upgrades Stock<\/p>\n
NEW YORK (AP) — Furniture Brands International Inc. saw its shares jump in afternoon trading Thursday after a Credit Suisse analyst upgraded the stock on valuation.
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The furniture maker’s shares advanced $1.22, or 5.7 percent, to $22.57 on the New York Stock Exchange, as trading volume more than doubled the stock’s daily average. The stock has traded in a 52-week range of $16.07 to $25.34.
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\nIn a note to investors, Credit Suisse analyst Ivy L. Zelman noted the stock has slid 9 percent since January, dipping below its fair value of $22 per share. Zelman upgraded the stock from “Underperform” to “Neutral,” despite the stock’s 8 percent underperformance compared to the sector and sluggish industry trends.<\/p>\n
“Although we still expect the retail environment to remain challenging given rising interest rates and a slowing housing market, we believe Furniture Brands’ current valuation is more reflective of these headwinds after its recent slide.”<\/p>\n
Zelman expects the stock to hit $24 within a year. She reaffirmed her per-share earnings estimates of $1.61 for 2013 and $1.90 for 2014.<\/p>\n","protected":false},"excerpt":{"rendered":"
Furniture Brands International Shares Jump After Analyst Upgrades Stock NEW YORK (AP) — Furniture Brands International Inc. saw its shares jump in afternoon trading Thursday after a Credit Suisse analyst upgraded the stock on valuation. The furniture maker’s shares advanced $1.22, or 5.7 percent, to $22.57 on the New York Stock Exchange, as trading volume […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-751","post","type-post","status-publish","format-standard","hentry","category-furniture-world-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=751"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/751\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}