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BB&T Capital Upgrades La-Z Boy to 'Strong Buy'

BB&T Capital upgraded La-Z Boy (LZB) to strong buy from buy.

On Thursday the furniture maker posted 45 cents, vs. 41 cents fourth-quarter earnings per share. Analyst Joel Havard says the results came in better than his forecast. He cut the $1.93 fiscal 2004 (April) earnings per share estimate to $1.78, and upped the $2.32 fiscal 2005 to $2.20 as Havard enters a seasonally weak summertime. However, a strong free-cash flow profile, a meaningful operating leverage in a recovery scenario, and a four million share repurchase authorization provide what he thinks is a cushion to his estimates.

Havard thinks the attractive valuation, particularly relative to the group, warrants a $21 target rise to $25.

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