Credit Suisse Group has raised its target price by $ 8 on The Michaels Companies, Inc. (NASDAQ:MIK) to $ 13.00 from the previous mark of $ 5.00, suggesting the upside potential of more than 13.04 percent from the existing levels. However, the brokerage has maintained its Neutral rating on the stock, Benzinga reported.
Shares of The Michaels Companies, Inc. traded low $ -0.47 or -4.04 percent on Wednesday, reaching $ 11.04 with volume of 3.83 million shares. The stock opened positive for the day at $ 11.61, after closing the previous day trading at $ 11.50. According to the previous trading day, closing price of $ 11.50, representing a 1,050.00 % increase from the 52 week low of $ 1.00 and a 1.71 % decrease over the 52 week high of $ 11.70.
With respect to the key metrics, The Michaels Companies, Inc. stock has advanced $ 5.96 or 117.00 percent, reaching $ 5.08 during the simple moving average (SMA) period of 200 days. Similarly, the stock has increased $ 2.70 or 32.00 percent, before arriving at $ 8.33 during the SMA50-day period.
The Michaels Companies, Inc. recently reported first quarter financial results on June 4, 2020, before market open, specialty retailer unveiled loss for the first quarter of $ 0.43 per share, from the revenue of $ 799.89 million. The consensus estimates are income of $ 0.13 per share from $ 1014.99 million in revenue. The bottom line results missed street analysts by $ 0.56 or 430.77 percent, at the same time, top line results fell short of analysts by $ 215.1 million or 21.19 percent.
Moving ahead, the analysts surveyed by Thomson Reuters are predicting, The Michaels Companies, Inc. to report 2Q21 loss of $ 0.09 per share from revenue of $ 1027.15 million. For the full year, analysts anticipate top line of $ 4835.10 million, while looking forward to income of $ 1.01 per share bottom line.
The Michaels Companies, Inc. owns and operates arts and crafts specialty retail stores for Makers and do-it-yourself home decorators in North America. It operates Michaels stores that offer approximately 45,000 stock-keeping units (SKUs) in crafts, home decor and seasonal, framing, and paper crafting.
