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|  | MAY 20, 2004
 WORD ON THE STREET AG Edwards Upgrades Hot Topic to Buy Analyst Robert Buchanan sees strong earnings growth for the specialty retailer through fiscal 2006 AG Edwards upgraded Hot Topic (HOTT ) to buy from hold. Analyst Robert Buchanan says his upgrade of the specialty retailer is based on his forecast for more than 22% earnings per share growth for all of fiscal 2006 (Jan.), on top of his expectation for 14% growth in fiscal 2005. Moving forward, he looks for Hot Topic to be more assertive regarding tonnage commitments on accessory items that are testing well, especially during the back-to-school period. Buchanan views CEO Betsy McLaughlin as an assertive, fast-paced leader who actively listens to her customers. He sees $1.10 fiscal 2005 earnings per share, and $1.35 in fiscal 2006, and has a $29 12- to 18-month price target.  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc. Get BusinessWeek directly on your desktop with our RSS feeds.  Add BusinessWeek news to your Web site with our headline feed. Click to buy an e-print or reprint of a BusinessWeek or BusinessWeek Online story or video. To subscribe online to BusinessWeek magazine, please click here. Learn more, go to the BusinessWeekOnline home page  | | |
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