On Wednesday, the research analysts at Guggenheim issued a research note that reiterates the ‘buy’ rating for Michael Cos. (NASDAQ:MIK). Currently, these have a $30 target price on the stock, which is lower than the previous price of $33. The price target set by Guggenheim shows a possible upside of 26.26% from the previous close of the company.
More Comments on MIK
However, there were many other research firms that had recently commented on MIK. For example, SunTrust Banks Inc. also restated a ‘buy’ rating on the Michael Cos. Shares in August. Back on October 26th, Zacks Investment Research also downgraded MIK from the ‘hold’ to ‘sell’ rating. At the same time, the Telsey Advisory Group cut the price objective from $28 to $27. Even more so, they had set a ‘market perform’ rating on the stock in the report they issued on Wednesday.
Moreover, the Bank of America Corp. downgraded Michael Cos., switching from a ‘buy’ rating to a ‘neutral’ one in the report they issued back on November 4th. Credit Suisse Group upgraded them from ‘neutral’ to ‘outperform’ and decided on a $29 price objective on the stock back in September. Now, the company has the average rating of ‘hold’ and the consensus price target reached $29.55.
More Information about the Michael Cos. Situation
In other news, EVP Philo Pappas managed to sell 1,152 shares of this stock in a transaction back on December 2nd. The stock had been sold at the time for an average price of $23.92, and the transaction totaled $27,555.84. The sale was made official in a legal filing with the SEC, which you can find on the SEC website. What’s more, there are several hedge funds, as well as other institutional investors that have modified their holdings of MIK. It remains to be seen how things will evolve for Michael Cos. and how many people will be more interested in their shares.