Advanced Search

Downgrade Sends Zale's Shares 18% Lower

Jun 10, 2011 4:38 PM   By Jeff Miller
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... Shares in Zale (NYSE: ZLC) closed 18 percent lower on June 10, 2011 at $5.13 after a day of heavy trading. Still, shares were 109 percent higher at the close from one year ago.  Today's sell-off followed Bank of America's  downgrade on Zale from "buy" to “neutral.” Bank of America did, however, raise the target price to $6.75.

In a report to  clients this morning, Bank of America Merrill Lynch wrote  that Zale offered limited upside after the stock's recent rally. Quarter-to-date, Zale's shares were trading 70 percent higher,  versus a drop of 5 percent for the S&P500 and decline of 6 percent for the S&P Retail index.

Additional reporting by AcquireMedia.

Tags: Jeff Miller, Zale
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.