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Fulcrum Upgrades Pathmark


Fuclcrum upgrades Pathmark Stores (PTMK) to neutral from sell.

Thursday, Yucaipa Companies agreed to invest $150 million in the company. Analyst Karen Short says all performance-related bad news is already priced in and she sees no downside. She says the deal buys Pathmark time and provides resources to fix the business - it is no longer in the position of having to sell in desperation.

Short believes with Yucaipa's help, Pathmark could become much stronger financially, be in the position to sell itself as a profitable business when possible buyers are in better positions and industry multiples have rebounded.

However, she believes Pathmark will remain in a narrow trading range for the next several quarters.


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