Morgan Keegan Ups Culp to Outperform

From Standard & Poor's Equity Research

Morgan Keegan upgraded Culp (CFI) to outperform from market perform, noting the company's recently announced fourth quarter earnings.

Culp posted 14 cents fourth quarter operating earnings per share.

Analyst Laura Champine says the upholstery segment had an exceptional quarter given its recent history. She raises her first quarter operating EPS estimate by 5 cents to a penny and her fiscal year 2007 (ending April) estimate by 36 cents to 22 cents. She sets fair value at over $7 per share.