Tumi Holdings Downgraded to Buy at Goldman Sachs Group Inc. (TUMI)
Tumi Holdings (NASDAQ:TUMI) was downgraded by equities researchers at Goldman Sachs Group Inc. from a “conviction-buy” rating to a “buy” rating in a research report issued on Thursday, TheFlyOnTheWall.com reports. They currently have a $28.00 price objective on the stock. Goldman Sachs Group Inc.’s price objective would indicate a potential upside of 18.95% from the company’s current price.
The analysts wrote, “We remove TUMI from the CL-Buy list but maintain our Buy rating. We continue to see TUMI as a compelling secular growth story, based on its differentiated brand equity, attractive category exposure to both accessories and men’s, and disruptive retail model. That said, positive trading catalysts appear a bit further out than we had originally anticipated. There is no change to our estimates or P/E based $28 6-month price target, implying +20% upside. Since adding TUMI to the CL-Buy list on December 11, 2012, the shares are +7.4% vs. the S&P 500 +25.6%. The underperformance was driven by an unanticipated, but short lived, slow-down in TUMI’s N Am comp sales in 2Q, as well as some margin dilution.”
Shares of Tumi Holdings (NASDAQ:TUMI) traded down 1.57% on Thursday, hitting $23.17. 100,608 shares of the company’s stock traded hands. Tumi Holdings has a 52-week low of $18.66 and a 52-week high of $26.24. The stock’s 50-day moving average is $22.23 and its 200-day moving average is $22.58. The company has a market cap of $1.572 billion and a P/E ratio of 31.55.
Tumi Holdings (NASDAQ:TUMI) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.18 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.17 by $0.01. The company had revenue of $108.90 million for the quarter, compared to the consensus estimate of $110.11 million. During the same quarter in the previous year, the company posted $0.15 earnings per share. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. Analysts expect that Tumi Holdings will post $0.81 EPS for the current fiscal year.
TUMI has been the subject of a number of other recent research reports. Analysts at Thomson Reuters/Verus downgraded shares of Tumi Holdings from a “hold” rating to a “sell” rating in a research note to investors on Monday, October 21st. Separately, analysts at Zacks upgraded shares of Tumi Holdings from an “underperform” rating to a “neutral” rating in a research note to investors on Wednesday, October 16th. They now have a $21.10 price target on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $25.62.
Tumi Holdings, Inc (NASDAQ:TUMI) offers a range of travel and business products and accessories in various categories.
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