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CIBC World Cuts Celebrate Express to Sector Perform

CIBC World downgraded Celebrate Express (BDAY) to sector perform from outperform, citing the resignation of the party products provider's Chairman and Chief Executive Officer Mike Jewel.

Analyst Peter Benedict says he's less bullish in the near term, given the company's ongoing cost issues and the departure of two senior managers over a six month period. He cut his 10 cents third quarter earnings per share (EPS) estimate to a 2 penny loss, his 55 cents fiscal year 2006 (ending May) EPS to 37 cents, and his 69 cents fiscal year 2007 estimate to 60 cents. He still sees long term value in the company, whose appeal as an acquisition candidate should help provide support for shares in the $10 to $11 range.

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