BofA Raises Target, Estimate for Linens 'n Things
Linens 'n Things (LIN ) shares rose after Banc of America raised its price target and earnings estimate.
Analyst Aram Rubinson says while he's still unsure of a catalyst for sudden change, there's no denying that Linens 'n Things is making a transformation. He notes some may view it as defensive in nature as Bed Bath & Beyond (BBBY ) has run away with the prize, but given the thoughtful approach management has taken, he thinks the odds are in LIN's favor.
Rubinson is seeing a change in organizational duties, senior management, and vision for the retailer overall. He says LIN is in the early stages of retooling, but thinks it is likely to give the investment case more legs.
He raised his $1.72 2003 earnings per share estimate to $1.82. He sees $2.08 in EPS for 2004. The analyst also increased his $27.50 12-month stock price target to $30.
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