Rite Aid Corp. Receives Buy Rating from Raymond James (RAD)
Rite Aid Corp. (NYSE:RAD)‘s stock had its “buy” rating reiterated by research analysts at Raymond James in a report released on Thursday, AnalystRatingsNetwork reports. They currently have a $6.00 price objective on the stock, up from their previous price objective of $5.00. Raymond James’ target price would indicate a potential upside of 20.00% from the stock’s previous close.
The analysts wrote, “a deeper dive into the company’s net operating loss (NOL) position. In short, we believe the present value of the NOLs is more than $700 million or close to $0.75/share which, after factoring in the company’s valuation framework, reduces the company’s EV/EBITDA multiple by more than a half of a turn.”
In other Rite Aid Corp. news, EVP Tony Montini unloaded 414,500 shares of Rite Aid Corp. stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $5.21, for a total value of $2,159,545.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
A number of other firms have also recently commented on RAD. Analysts at BTIG Research raised their price target on shares of Rite Aid Corp. to $6.00 in a research note to investors on Thursday, October 3rd. They now have a “buy” rating on the stock. Separately, analysts at Credit Suisse raised their price target on shares of Rite Aid Corp. from $3.50 to $5.00 in a research note to investors on Sunday, September 22nd. They now have an “outperform” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Rite Aid Corp. in a research note to investors on Wednesday, July 24th. They now have a $3.00 price target on the stock. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Rite Aid Corp. has a consensus rating of “Hold” and an average price target of $4.16.
Rite Aid Corp. (NYSE:RAD) traded down 3.85% during mid-day trading on Thursday, hitting $5.00. The stock had a trading volume of 46,274,388 shares. Rite Aid Corp. has a 1-year low of $0.95 and a 1-year high of $5.33. The stock has a 50-day moving average of $4.05 and a 200-day moving average of $3.05. The company has a market cap of $4.581 billion and a P/E ratio of 16.40.
Rite Aid Corp. (NYSE:RAD) last announced its earnings results on Thursday, September 19th. The company reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.07. The company had revenue of $6.30 billion for the quarter, compared to the consensus estimate of $6.27 billion. During the same quarter in the previous year, the company posted ($0.05) earnings per share. The company’s revenue for the quarter was up .8% on a year-over-year basis. Analysts expect that Rite Aid Corp. will post $0.23 EPS for the current fiscal year.
Rite Aid Corporationis a retail drugstore chain in the United States. As of March 3, 2012, the Company operated drugstores in 31 states across the country and in the District of Columbia.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.