Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Wedbush Morgan Downgrades Vans to 'Hold'


Wedbush Morgan downgraded Vans (VANS) to hold from buy.

Analyst Michael Pachter says third quarter results were in line with estimates, but says management provided fourth quarter guidance that was significantly below his $0.06 earnings per share estimate and the consensus $0.01 EPS estimate. Pachter says fourth quarter guidance was based on a precipitous drop in third quarter wholesale revenue, with expected orders of women's footwear off as much as 80%. He notes management also guided the fiscal 2003 (May) EPS range below his $1.00 estimate. In light of the new guidance, Pachter now sees $0.60 fiscal 202 EPS, and $0.75 fiscal 2003 EPS. He says he continues to like the company, and expects Vans to to get its women's business back on track by the end of fiscal 2003.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus