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Analysts at Bank of America assumed coverage on shares of Michaels Companies (NYSE:MIK) in a research report issued to clients and investors on Wednesday. The firm set a “buy” rating on the stock.

Shares of Michaels Companies (NYSE:MIK) traded down 5.42% during mid-day trading on Wednesday, hitting $14.83. 650,604 shares of the company’s stock traded hands. Michaels Companies has a 52-week low of $14.51 and a 52-week high of $17.28. The stock has a 50-day moving average of $16.33 and a 200-day moving average of $16.33. The company has a market cap of $3.012 billion and a price-to-earnings ratio of 13.25.

A number of other analysts have also recently weighed in on MIK. Analysts at Nomura initiated coverage on shares of Michaels Companies in a research note on Wednesday. They set a “buy” rating and a $19.00 price target on the stock. Separately, analysts at Barclays initiated coverage on shares of Michaels Companies in a research note on Wednesday. They set an “equal weight” rating and a $18.00 price target on the stock. Finally, analysts at Credit Suisse initiated coverage on shares of Michaels Companies in a research note on Wednesday. They set a “neutral” rating and a $18.00 price target on the stock. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $19.25.

The Michaels Companies, Inc is an arts and crafts specialty retailer in North America. The Company also operates a vertically integrated custom framing business.

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