1-800-Flowers.com being weighed on by 'inaccurate rumors,' says Benchmark.
Benchmark analyst Daniel Kurnos attributes recent pressure on shares of 1-800-Flowers.com (FLWS) to the company's "disappointing" FY19 EBITDA guidance and what he views as "inaccurate rumors" that the company is interested in buying struggling FTD Companies (FTD). The multiple on Flowers shares is only a bit better than FTD despite an accelerating growth rate, an improved competitive landscape and a clean balance sheet, Kurnos noted. While he believes a growth acquisition is eventually likely, Kurnos foresees "a more GARP-like purchase," he tells investors. The analyst keeps a Buy rating on 1-800-Flowers.com shares, which he believes have reached an "intriguing" entry point.
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|Date:||Sep 24, 2018|
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