Playboy loses steam after downgrade.(Stock Focus: Playboy Enterprises Inc. (NYSE--PLA))(Brief Article)
Multichannel News, November, 2005
Playboy Enterprises shares slumped 5% (85 cents per share) on Nov. 21, after a Banc of America Securities analyst downgraded the stock, stating that any potential upside was already baked into the stock's current price. Playboy shares fell as much as $1 each on Nov. 21, before rallying slightly to finish the day at $14.94 per share, after Banc of America Securities analyst Michael Savner downgraded the stock to "neutral" from "buy," but maintained his $16.50 per share 12-month target price on the shares.
In a research report, Savner wrote that while the fundamentals look good, "the potential upside from recent initiatives is already reflected in the current valuation." Playboy stock had been on a roll. Shares of the adult-entertainment...
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