Thursday September 10, 10:46 pm Eastern Time
La-Z-Boy may be well undervalued-analyst
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NEW YORK, Sept 10 (Reuters) - La-Z-Boy Inc. stock has held up relatively well during recent market turmoil due to
sound fundamentals and yet it is still considered unvalued by some, the September 21 Business Week reported.
Elliott Schlang of Cleveland investment firm Lynch, Jones & Ryan called the recliner maker a ''safe haven in an uncertain economy,'' the closely watched Inside
Wall Street section of the magazine said.
The company has yearly earnings growth of about 14 percent and has posted 17 straight years of sales growth, the report said.
What's more, the stock has never been popular among institutional investors so it trades at reasonable multiples, currently about 15 times 1999 expected
earnings, the report said.
The stock closed Thursday at 54-9/16, down 3/8. On September 15, the company will execute a three-for-one share split.
Schlang predicted the post-split stock could hit 30 this year, according to the article.
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