Stocks rise after analyst adjusts manufacturer, retailer ratings
Furniture Today Staff -- Furniture Today, April 7, 2011
NEW YORK — Shares in some furniture manufacturer and retailer stocks rose Wednesday after KeyBanc Capital Markets analyst Bradley Thomas upgraded his ratings on Ethan Allen and La-Z-Boy and said the outlook for the industry was more positive, the Associated Press reported.Thomas upgraded La-Z-Boy to "Buy" from "Hold" and said the company's prospects were improving with better efficiencies at its Mexican cut-and-sew plant and its ongoing ad campaign with actress Brooke Shields. La-Z-Boy's stock gained about 11% Wednesday.
He moved Ethan Allen to "Hold" from "Underweight" and said he was encouraged by its marketing and merchandising initiatives. The company's stock rose 8.3%.
Thomas also gave a "Hold" to Furniture Brands International, saying the company should see the benefit of changes in its operations next year, and the company's stock was up 4.5%.
He also maintained a "Hold" on mattress maker Sealy.
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