Piper Jaffray Maintains Neutral on Lumber Liquidators (LL)

Piper Jaffray is out with its report today on Lumber Liquidators LL, maintaining Neutral. In a note to clients, Piper Jaffray writes, "We are maintaining our Neutral rating and our $21 PT ahead of LL's Q1 earnings call. We believe LL will announce an estimated -6% comp and $0.21 vs. consensus of $0.20 (no comp estimate available). While we believe a planned 40 to 50 store openings (including 5 to 10 in Canada) will be good for LL's long-term growth, we continue to remain Neutral based on a slow January start and residual issues from the Q3 F10 SAP implementation." Shares of LL closed Monday at $23.76, down 1.25% from Thursday's close.