J.P. Morgan is out with its report on Cabela's Inc. CAB, maintaining Neutral and lowering its price target from $27 to $26.
"We are adjusting our EPS estimates and price target to reflect our updated thoughts post earnings," JP Morgan writes. "Cabela's stated priority is to improve merchandise margins 200-300 bps by the end of 2012 through vendor collaboration, enhanced pre-season planning, better and seasoned merch management, and price optimization. However, we believe the high end of this forecast remains a challenging hurdle. Also, given better-than-expected credit card performance throughout 2010, another year of strong performance is
principally included in forecasts."
Shares of CAB closed Friday at $26.51.
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