Gander Mountain downgraded to "neutral"

11/10/04 - First Albany

NEW YORK, November 10 (newratings.com) - Analysts at First Albany downgrade Gander Mountain Co (GMTN) from "buy" to "neutral," while reducing their estimates for the company.

In a research note published this morning, the analysts mention that the downgrade in rating is based on the company’s reduced 2004 guidance, weak sales trends and difficult 1Q05 comparisons. Gander Mountain’s 3Q04 comps are expected to decline 7.5% mainly due to warm weather conditions, the analysts add. The EPS estimates for 3Q04, FY04 and FY05 have been reduced from $0.30 to $0.08, from $0.80 to $0.38 and from $1.30 to $0.75, respectively.