Hancock Fabric downgraded to "equal-weight"

10/10/03 - Stephens Inc.

NEW YORK, October 10 (New Ratings) – Analysts at Stephens Inc downgrade Hancock Fabric (HKF) from "overweight" to "equal-weight." The target price has been reduced from $20 to $18.

In a research note published this morning, the analysts mention that the company’s same store sales were lackluster in September. Hancock Fabric’s reduced sales outlook, the ongoing weak sales trends and the unattractive stock valuation warrant the current downgrade in rating, the analysts say.