Cowen Starts Sally Beauty Holdings (SBH) at Outperform (Earlier)

Cowen earlier initiated coverage on Sally Beauty Holdings (NYSE: SBH) with an Outperform rating and a price target of $36.00.

Analyst Oliver Chen said, "We expect SBH stock to go higher over time on a steady pace of share gains in the attractive professional beauty products arena. We initiate coverage with an Outperform and $36 PT based on ~17x CY16E EPS of $2.06. In our view, existing share leadership (32% NA share), a scale Beauty Club Card loyalty program, global growth runway (23% of sales), a hair care focus (45+% mix) will drive steady low single digit comps and consistent store growth (+3-4%) in a relatively recession resistant industry."

For an analyst ratings summary and ratings history on Sally Beauty Holdings click here. For more ratings news on Sally Beauty Holdings click here.

Shares of Sally Beauty Holdings closed at $30.28 yesterday.

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