Friday, December 3, 2010

Jo-Ann Stores (NYSE:JAS) Has EPS Estimate Lowered by Wedbush

Wedbush has lowered their EPS estimate on Jo-Ann Stores (NYSE:JAS), although they've maintained their "Outperform" rating on them.

"We believe there is strong visibility for near- and long-term earnings power driven by strong internal execution and favorable external factors. Comp momentum should remain strong despite the challenging environment due to strong internal execution, including benefits from remodels and optimizations, fresh product, and improved forecasting and replenishment," said Wedbush.

Wedbush is lowering their fourth quarter EPS estimate from $1.58 to $1.54 and their full year 2012 estimate from $4.00 to $3.80.

Most of the concerns are only short term and based on capex on remodeling and opening new stores.

Wedbush maintains an "Outperform" rating on Jo-Ann Stores, which closed Thursday at $45.71, down by $2.47, or 5.13 percent. They also lowered their price target on them from $56 to $55.

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