La Z Boy Inc (LZB)

[MWM]

La-Z-Boy upgraded to strong buy by Raymond JamesExplore related topics
Jun 3, 2009, 2:16 p.m. EST

NEW YORK (MarketWatch) - La-Z-Boy Inc (LZB 3.03, +0.85, +38.99%) was upgraded to strong buy from market perform Wednesday by Raymond James. The broker said the furniture maker is positioned to benefit from improved industry conditions, once they materialize, and issued a 12-month price target of $4.50 a share. "Relative to other residential furniture equities, La-Z-Boy should benefit from its mid-market price points, well-known brand name, wide distribution, and heavy mix of upholstered revenues," wrote Budd Bugatch, director of furnishing research, in a note to clients. Shares of La-Z-Boy soared on the upgrade, rising 28% to $2.80 a share in afternoon trade.