EARNINGS RISE PREDICTED AT GUITAR CENTER.Byline: Enrique Rivero Daily News Staff Writer Analysts expect Guitar Center Inc. to report a 33 percent gain in 1998 profits when the retailer releases its earnings today. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a survey of nine analysts by First Call, the musical instrument specialist should earn 72 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. in 1998, compared with 54 cents the prior year. Fourth-quarter earnings should be 30 cents, up 25 percent from from the 1997 period. Analysts remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the company's prospects. Of seven financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. companies making recommendations on the company's stock, five have issued a ``strong buy'' rating and two a ``buy.'' Guitar Center stock closed Wednesday at $22.625, down 31.25 cents. Over the past year it has traded as high as $33.25 and as low as $13.62. Alan Rifkin, a managing director at Piper Jaffray Piper Jaffray & Co. (NYSE: PJC), often shortened to just Piper Jaffray or PiperJaffray, is a U.S. middle-market investment banking firm based in Minneapolis, Minnesota and is a focused on delivering financial advice, investment products and transaction execution Inc. in Minneapolis, gave Guitar Center stock a strong buy. ``It's one of my favorite My Favorite is an independent synthpop band from Long Island, New York. They released two CDs: Love at Absolute Zero and Happiest Days of Our Lives. My Favorite broke up on September 14, 2005, when singer Andrea Vaughn left the band. picks,'' he said, adding that he expects the company to meet his 30-cent prediction for the quarter. The company ``has delivered'' each quarter, he said, and is gaining in market share in a consolidating, competitive market. ``When you compare their store economics with other music product retailers - and other retailers in general - Guitar Center had one of the most successful mousetraps out there,'' he said. Minneapolis-based George K. Baum & Co. lowered its recommendation to a buy Jan. 21, when the company's stock topped $29 a share, but only because ``at that point the risk reward didn't warrant our highest rating,'' said Dean Ramos, senior vice president. Still, the firm is satisfied with both Guitar Center's overall performance and its fundamentals, he said. |
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