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Goldman Sachs Upgrades Galyan's Trading

Goldman Sachs upgraded Galyan's Trading (GLYN) to in-line from underperform. On Thursday, the company posted 57 cents fourth-quarter EPS.

Analyst Matthew Fassler says the company's decision to reduce capex to $40 million in fiscal year 2005 (January) from $80 million in fiscal 2004 and its plan to approach cash-flow neutral result for the first time since fiscal 2001, shows it's improving its financial profile. He notes it also shows the company freeing up management resources to improve existing stores.

Fassler says its decision to slow growth is the most decisive and important choice a troubled retailer can make, and is often a key inflection point in share price performance. He notes inventories appear cleaner than they have been in some time.

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