Will Michaels (MIK) Stock Be Affected by JPMorgan Downgrade?
NEW YORK (TheStreet) -- Michaels (MIK) - Get Report stock rating was cut to "neutral" from "overweight" at JPMorgan on Tuesday morning, the Fly reports.
The firm also reduced its price target to $30 from $33 on shares of the Irving, TX-based arts and craft retailer.
JPMorgan sees the current valuation as full relative to the company's expected pace of earnings per share growth, according to the Fly.
The stock was also removed from JPMorgan's "Analyst Focus List."
Shares of Michaels closed higher by 2.8% to $27.56 on Monday.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D+ on the stock.
This is driven by some concerns, which should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks covered by the team.
The area that has been the company's primary weakness has been its poor profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: MIK