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JP Morgan Upgrades Borders Group to 'Overweight'

JP Morgan upgraded Borders Group (BGP) to overweight from neutral.

Analyst Danielle Fox says she has not changed her cautious view on the book retailing industry, but sees Borders positioning itself for better results through more astute capital allocation, store enhancements, and operating improvements. She thinks conservative guidance and easy fourth-quarter sales comparisons create good visibility.

She raised her $1.48 fiscal year 2004 (January) EPS estimate to $1.55. She believes the stock has the potential for multiple expansion under fairly conservative assumptions, without a dividend, which could add further to return potential.

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