Canaccord Genuity Upgrades Rent-A-Center to Buy (RCII)
Rent-A-Center (NASDAQ:RCII) was upgraded by Canaccord Genuity from a “hold” rating to a “buy” rating in a research note issued on Wednesday, TheFlyOnTheWall.com reports. The firm currently has a $32.00 price objective on the stock, up from their previous price objective of $25.00. Canaccord Genuity’s price objective would indicate a potential upside of 20.32% from the stock’s previous close.
Rent-A-Center (NASDAQ:RCII) traded up 6.11% during mid-day trading on Wednesday, hitting $28.22. 416,643 shares of the company’s stock traded hands. Rent-A-Center has a 1-year low of $23.42 and a 1-year high of $39.00. The stock’s 50-day moving average is $25.44 and its 200-day moving average is $26.73. The company has a market cap of $1.491 billion and a price-to-earnings ratio of 16.46.
Rent-A-Center (NASDAQ:RCII) last announced its earnings results on Monday, July 21st. The company reported $0.38 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.38. The company had revenue of $773.20 million for the quarter, compared to the consensus estimate of $772.24 million. During the same quarter in the previous year, the company posted $0.76 earnings per share. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. On average, analysts predict that Rent-A-Center will post $2.04 earnings per share for the current fiscal year.
In other Rent-A-Center news, EVP Joel M. Mussat sold 1,319 shares of the stock on the open market in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $26.32, for a total transaction of $34,716.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Separately, analysts at Zacks downgraded shares of Rent-A-Center from a “neutral” rating to an “underperform” rating in a research note on Thursday, July 24th. They now have a $23.00 price target on the stock. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the stock. Rent-A-Center currently has a consensus rating of “Buy” and an average target price of $31.67.
Rent-A-Center, Inc is a rent-to-own operator in North America. It provides the customers the ownership of durable products, such as consumer electronics, appliances, computers, furniture and accessories, under rental purchase agreements with no long-term obligation.
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