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Why Michaels Stock Dropped 21% in July

TheMotleyFool

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Shares of Michaels Stores (NASDAQ: MIK) fell 21% in July, according to data from S&P Global Market Intelligence, after multiple analysts weighed in on current state of the ailing craft and home-decor chain.

To start, on July 11 Goldman Sachs' Kate McShane initiated coverage on Michaels with a "neutral" rating and $8-per-share price target, representing a modest 3% discount to its trading levels at the time. To justify her position, McShane argued the stock would likely remain under pressure given the potential impact of tariffs as well as today's increasingly promotional, competitive retail environment.

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Source Fool.com

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