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Technology Stocks : Electronics Boutique (ELBO)
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To: ratherbelong who wrote (353)5/23/1999 1:36:00 AM
From: ratherbelong  Read Replies (1) of 779
 
Solomon Smith Barney raises their price target from $18.00 to $25.00.
Well, here is what I was hoping for. Our friends over at SSB have finally raised there price target on ELBO. Their previous target of $18.00 (IMHO), was a drag on the stocks performance and this new target should help to move the price higher.
From Multex Investor:
==================================
1QFY00 EPS Ahead of Expectations; Reiterate BUY
Salomon Smith Barney
Friday, May 21, 1999
--SUMMARY:--Electronics Boutique--Emerging Growth--Specialty Retail
* ELBO reported 1QFY00 EPS of $0.14, ahead of our expectations for $0.13, and vs. pro forma 1QFY99 EPS of $0.11, despite 28.4% more shares out and lackluster same-store sales.
* Same-store sales increased 2% vs. a difficult 13.4% comparison associated with the release of Tekken III and Resident Evil II in 1QFY99.
* Earnings growth was driven by an 18% year-over-year increase in the store count from 465 to 550 stores as well as a 140bp increase in retail gross margins to 26.9% from 25.5%.
* Expect same-store sales to accelerate in subsequent quarters with the release of Star Wars merchandise this month and Dreamcast in the Fall.
* Raising FY00E EPS to $1.21 and price target to $25.
===================================
EOM
Good luck,
RBL
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