Morgan Keegan Ups Haverty Furniture to Mkt Perform
Morgan Keegan upgraded Haverty Furniture (HVT ) to market perform from underperform, citing the company's better sales performance and ability to meet near-term earnings expectations.
Analyst Laura Champine says Haverty's November net sales rose 7.5%, boosted by same-store sales that were up an impressive 4%, above expectations. She trims her 34 cents fourth quarter earnings per share estimate to 32 cents (in line with the consensus) to give a more conservative assumption of the company's Selling, General & Administrative expense. She maintains a 79 cents 2006 earnings per share forecast.