That's right, a buy on Kmart, ... The 'buy' rating reflects [Kmart's] asset values we believe provide support for the stock at this level. Combined with strong positive cash flow, this implies the stock is undervalued. |
That's right, a buy on Kmart. The 'buy' rating reflects [Kmart's] asset values we believe provide support for the stock at this level. Combined with strong positive cash flow, this implies the stock is undervalued. |
The stock trades above a level that we would view as appropriate for the current earnings that, absent signals of improvement or takeover, would imply downside. |
The two weak links in the store are apparel and consumer electronics. One could have had a nice nap in the consumer electronics section given the light traffic. Conversely, appliances were buzzing. |
Their lack of investments in systems, continued new store growth by Wal-Mart and higher prices point to short-term cash maximization, not long-term growth, |
These are the best of times for Best Buy. |
These are the best of times for Best Buy. The product cycle is finally here, the competitive environment ... is benign and looks to stay that way for the foreseeable future. |
This is a rich company. |
We believe poor recent results and management changes are leading to internal rethinking of [Wal-Mart's] aggressive deflationary pricing strategies, which we believe will lead to better gross margins in 2004, while still reducing prices, |
We believe poor recent results and management changes are leading to internal rethinking of [Wal-Mart's] aggressive deflationary pricing strategies, which we believe will lead to better gross margins in 2004, while still reducing prices. |
We believe that the turnaround story is very much on track and we view AutoZone as an interesting story for 2006. |
We continue to be bothered by the company's propensity to shine a more positive light on results and growth rates than the numbers may support. |
We continue to believe that all of the concern over the discounters' push into consumer electronics may be overblown, |
We continue to believe that all of the concern over the discounters' push into consumer electronics may be overblown. |
We have been expecting Sears to play out similarly, but to date have not seen the asset sales or leadership that have characterized the other stories. |