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

UBS Piper Downgrades Huffy to 'Market Perform'


USB Piper downgraded Huffy (HUF) to market perform from outperform.

Analyst Anthony Gikas says sales of key products, including backboards, action sports, and in-line skates continue to fall short of expectations, and will remain a challenge into 2004 as categories lack momentum.

He says conservative retail buying patterns have pressured Huffy's close-out business, and he thinks mass merchants are focused on lower-margin front-line products. Additionally, he thinks Huffy may have greater back-office challenges than he previously thought.

Gikas cut the 37 cents 2003 earnings per share estimate to 8 cents, and trimmed the 50 cents 2004 estimate to 25 cents. He also reduced the price target, to $5 from $7.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus