Rite Aid Corp. Given New $7.00 Price Target at Credit Suisse (RAD)
Equities research analysts at Credit Suisse lifted their target price on shares of Rite Aid Corp. (NYSE:RAD) from $6.00 to $7.00 in a research note issued to investors on Friday, StockRatingsNetwork.com reports. Credit Suisse’s price target points to a potential upside of 25.22% from the company’s current price.
Shares of Rite Aid Corp. (NYSE:RAD) traded up 4.47% on Friday, hitting $5.84. The stock had a trading volume of 33,196,580 shares. Rite Aid Corp. has a 1-year low of $1.51 and a 1-year high of $6.15. The stock has a 50-day moving average of $5.51 and a 200-day moving average of $4.45. The company has a market cap of $5.645 billion and a price-to-earnings ratio of 19.08.
Rite Aid Corp. (NYSE:RAD) last posted its quarterly earnings results on Thursday, December 19th. The company reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. The company had revenue of $6.36 billion for the quarter, compared to the consensus estimate of $6.30 billion. During the same quarter in the previous year, the company posted $0.07 earnings per share. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, analysts predict that Rite Aid Corp. will post $0.22 earnings per share for the current fiscal year.
In other Rite Aid Corp. news, CEO John Standley sold 600,000 shares of Rite Aid Corp. stock on the open market in a transaction dated Friday, January 3rd. The shares were sold at an average price of $5.48, for a total value of $3,288,000.00. Following the transaction, the chief executive officer now directly owns 2,974,958 shares in the company, valued at approximately $16,302,770. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
RAD has been the subject of a number of other recent research reports. Analysts at JPMorgan Chase & Co. upgraded shares of Rite Aid Corp. from a “neutral” rating to an “overweight” rating in a research note to investors on Wednesday, January 8th. They now have a $6.50 price target on the stock, up previously from $6.00. Separately, analysts at Zacks downgraded shares of Rite Aid Corp. from an “outperform” rating to a “neutral” rating in a research note to investors on Thursday, January 2nd. They now have a $5.25 price target on the stock. Finally, analysts at Ned Davis Research downgraded shares of Rite Aid Corp. from a “buy” rating to a “neutral” rating in a research note to investors on Monday, December 30th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Rite Aid Corp. presently has an average rating of “Buy” and a consensus target price of $4.95.
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.
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