Oppenheimer Maintains Perform On Conn’s Following Phone Conversation With Management
In a research note published yesterday, Oppenheimer analyst Brian Nagel maintained a Perform rating on Conn’s Inc. (NASDAQ:CONN), following a phone conversation with senior management of CONN to discuss the company’s strategic initiatives announcement from yesterday.
Nagel wrote, “CONN has evolved to quickly represent one of the most controversial investment stories in Retail. A few key takeaways from our conversation: 1) Management is decidedly frustrated with what it views as a misunderstanding and under-appreciation of the CONN investment story; 2) Recent ownership filings spurred CONN to adopt a pill and announce a pursuit of new strategic initiatives; 3) We do not view the implementation of new strategic efforts as imminent; 4) Management reiterates that CONN remains on a solid financial footing; and 5) Efforts to slow new store growth could take about one months to implement.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Brian Nagel has a total average return of 2.5% and a 58.3% success rate. Nagel has a -41.4% average return when recommending CONN, and is ranked #1288 out of 3335 analysts.