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Strategies & Market Trends : Z Best Place to Talk Stocks

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To: DanZ who wrote (16769)	10/16/1998 6:57:00 AM
From: Ron McKinnon	Read Replies (3) of 53068

Dan re: PAUH NEW YORK, Oct 15 (Reuters) - Women's clothing store chain Paul Harris Stores Inc. (Nasdaq:PAUH - news) may be vulnerable to a takeover because its stock has become undervalued, said Harry Ikenson of Hambrecht & Quist in an article in the October 26 issue of Business Week. The stock has collapsed from 30 a year ago to 5-1/2 by October 8. Shares of Paul Harris closed at 7-7/8, up 3/4, on the Nasdaq Stock Market on Thursday. The stock fell because the company's sales declined and earnings plunged 48 percent in the fourth quarter of fiscal 1998 ended January 1, said Ikenson in the article. Ikenson said the stock has a book value of $6 a share and no debt. The company is building its brand name, sales trends in October have been excellent and inventories are in good shape, Ikenson added. By late September, the company's management has bought 410,000 shares at an average of $9. It is expected that the company will authorize more buybacks if the stock remains low, said the article. Ikenson's 12-month target for the stock is 19. For 1998, he sees earnings of $0.95 per share on sales of $250 million and $1.18 per share in 1999 on sales of $299 million.

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