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KeyBanc Cuts Regis to Buy

KeyBanc cut its investment opinion on Regis (RGS) to buy from aggressive buy, citing hurricane damages and weak sales.

Analyst Jeffrey Stein cited the company's recent troubles from Hurricanes Katrina and Rita, weak sales in the U.K., and below-plan product sales domestically. He said he has seen bad news in the stock before, only to witness a relatively quick recovery in the share price. While the recent news is a setback to the company, the analyst doesn't believe it's enough for him to turn his back on Regis. He warns, however, that some investors, caught by surprise and remembering last year's problems, may throw in the towel on this news. He cut his $2.55 fiscal year 2006 (ending June) earnings per share estimate to $2.40 and his $50 target to $45.

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