Lumber Liquidators mentioned positively at Piper Jaffray After a store tour with management, Piper Jaffray says Lumber Liquidators' culture is "extremely strong" and that operations have improved over the last two years under CEO Rob Lynch. Piper said it remains confident in Lumber's ability to post "outsized" earnings growth and it reiterates an Overweight rating on the stock.
On The Fly: Analyst Upgrade Summary Today's noteworthy upgrades include: Aruba Networks (ARUN) upgraded to Outperform from Market Perform at Raymond James... Banco Bilbao (BBVA) upgraded to Neutral from Underperform at BofA/Merrill... Berry Plastics (BERY) upgraded to Outperform from Market Perform at BMO Capital... Denny's (DENN) upgraded to Buy from Neutral at Janney Capital... Hess Corp. (HES) upgraded to Outperform from Market Perform at Raymond James... Huaneng Power (HNP) upgraded to Buy from Neutral at BofA/Merrill... Infoblox (BLOX) upgraded to Buy from Hold at Needham... Kate Spade (KATE) upgraded at BofA/Merrill... Lumber Liquidators (LL) upgraded to Overweight from Equal Weight at Morgan Stanley... Occidental Petroleum (OXY) upgraded to Strong Buy from Outperform at Raymond James... PT Indosat (IIT) upgraded to Buy from Neutral at Nomura... Silvercorp Metals (SVM) upgraded to Outperform from Market Perform at Raymond James... Toro Company (TTC) upgraded to Buy from Neutral at Longbow... United Microelectronics (UMC) upgraded to Market Perform from Underperform at Bernstein.
Lumber Liquidators upgraded to Overweight from Equal Weight at Morgan Stanley Morgan Stanley upgraded Lumber Liquidators to Overweight with an $85 price target. The firm believes gross margin worries are overdone and 2014 comp declines should be a bottom. Morgan Stanley's checks indicate non-weather regions are healthy with mid single digit comp growth and weather impacted regions have improved since August.