Sidoti Sticks to Its Buy Rating for Hooker Furniture (HOFT)

By Carrie Williams

In a report released today, Anthony Lebiedzinski from Sidoti maintained a Buy rating on Hooker Furniture (HOFTResearch Report), with a price target of $30.00. The company’s shares closed last Monday at $24.42, close to its 52-week high of $26.07.

According to TipRanks.com, Lebiedzinski is a 4-star analyst with an average return of 20.0% and a 68.8% success rate. Lebiedzinski covers the Consumer Goods sector, focusing on stocks such as Casey’s General, Petmed Express, and LaZBoy.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Hooker Furniture with a $24.00 average price target.

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Based on Hooker Furniture’s latest earnings release for the quarter ending April 30, the company reported a quarterly revenue of $105 million and GAAP net loss of $34.82 million. In comparison, last year the company earned revenue of $136 million and had a net profit of $1.99 million.

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Hooker Furniture Corp. is a home furnishings marketing and logistics company. It offers worldwide sourcing of residential casegoods and upholstery, as well as domestically-produced custom leather and fabric-upholstered furniture. The company operates its business through three segments: Casegoods, Upholstered and All Other. Its major casegoods product categories include home entertainment, home office, accent, dining and bedroom furniture under the Hooker Furniture brand, and youth furniture sold under the Opus Designs by Hooker brand. The company designs and markets its furniture, both as stand-alone products and as part of a group of products within multi-piece groups or broader collections offering a unifying style, design theme and finish. Its collections include offerings, such as Abbott Place, Beladora, Harbour Pointe and Sanctuary collections. The company’s residential upholstered seating companies, include Bradington-Young LLC, a specialist in upscale motion and stationary leather furniture, and Sam Moore Furniture LLC, a specialist in upscale occasional chairs, settees and sectional seating with an emphasis on cover-to-frame customization. Its customers include independent furniture stores, specialty retailers, department stores, catalog and internet merchants, interior designers and national and regional chains. Hooker Furniture was founded in 1924 and is headquartered in Martinsville, VA.