Cost Plus "market underperform," target price reduced

12/04/07 - JMP Securities

NEW YORK, December 4 (newratings.com) - Analysts at JMP Securities maintain their "market underperform" rating on Cost Plus Inc (CPWM), while raising their estimates for the company. The target price has been reduced from $4.00 to $3.00.

In a research note published this morning, the analysts mention that the company has posted its F3Q07 loss per share lower than the estimates and the consensus. Cost Plus is making progress in its turnaround programme, the analysts say. While the company is witnessing an improvement in customer traffic, the trends continue to be negative, at JMP Securities adds. Cost Plus has indicated that its sales in November were healthy. The EPS estimate for FY07 has been raised from -$1.71 to -$1.53.