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J.P Morgan Keeps Underweight on La-Z Boy

La-Z Boy (LZB) posts 6 cents first-quarter earnings per share, vs. 7 cents loss per share. J.P. Morgan keeps underweight rating and cut second-quarter estimates.

Analyst Charles Grom tells S&P MarketScope that the company's retail business is going to be an issue; it continues to be drag on earnings. He believes the stock is a value trap: the top line is weak, exacerbating a structural problem. He says the stock is still supported by value-oriented investors expecting a near-term recovery, a trend he does not see anywhere on the horizon especially with gas nearing $3.00 a gallon.

Grom notes the company forecast second-quarter total sales to fall in the low-single-digits, which suggests August trends have remained challenging.

He cuts second-quarter EPS estimate to 17 cents from 18 cents, and keeps fiscal year 2006 (April) EPS of 86 cents.

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