Why The Michaels Companies Stock Fell Hard on Monday
Shares of The Michaels Companies (NASDAQ: MIK) dropped on Monday, after an analyst downgraded their outlook for the stock. To be sure, it's been a great run so far -- this stock bottomed out at $1 per share during the market crash earlier this year and is up more than 11 times in value since the absolute bottom. But it gave some back today, with Michaels stock down 7% as of 3 p.m. EST.
Christopher Horvers is an analyst with J.P. Morgan. According to The Fly, Horvers downgraded his rating on Michaels stock from neutral to overweight and lowered his price target from $16 per share to $14 per share. Of course, it's funny the stock should fall, since even $14 per share is still good upside. But it's normal to see a one-day stock move based on its analyst rating rather than its target price.
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Source Fool.com
