FBI Stock Climbs on Upgrade News

May 25, 2006  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on May 2006 Shares of Furniture Brands International jumped in Thursday afternoon trading after Credit Suisse upgraded the company’s stock.

FBI shares moved 5.7 percent to $22.57 on the New York Stock Exchange and trading volume more than doubled the stock’s daily average. Over a 52-week period, the stock has traded between $16.07 and $25.34.

Ivy Zelman, an analyst with Credit Suisse , upgraded the stock from underperform to neutral saying in a note to investors, “Although we still expect the retail environment to remain challenging given rising interest rates and a slowing housing market, we believe Furniture Brands’ current valuation is more reflective of these headwinds after its recent slide.”

Zelman expects the stock to hit $24 within a year.