Markets & Finance

Morgan Keegan Ups Haverty Furniture to Mkt Perform

Morgan Keegan upgraded Haverty Furniture (HVT) to market perform from underperform, citing the company's better sales performance and ability to meet near-term earnings expectations.

Analyst Laura Champine says Haverty's November net sales rose 7.5%, boosted by same-store sales that were up an impressive 4%, above expectations. She trims her 34 cents fourth quarter earnings per share estimate to 32 cents (in line with the consensus) to give a more conservative assumption of the company's Selling, General & Administrative expense. She maintains a 79 cents 2006 earnings per share forecast.

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