Wedbush Lowers ACMR PT To $4

Wedbush has lowered the Price Target on A.C. Moore Arts & Crafts ACMR from $6 to $4. According to Wedbush, "Reducing our price target to $4 (from $6) which assumes ACMR should trade at approximately 1x adjusted BV. Using the Q4 BV of about $5.36/shr as a starting point and subtracting year-end cash of about $1.63/shr, we end up with an adjusted BV of around $4." ACMR is rated Outperform and closed at $2.67 yesterday.