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Recommending PriceSmart in Light of Sustained Store Momentum |
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| Jul 08, 2008 09:25 AM UTC |
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Tracked Blogger
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Via Long Investment Ideas from Seeking Alpha:
PriceSmart (PSMT) (current price $18.42; 12 month target $37) operates 23 membership based warehouse club stores in Central America (i.e. Mexico) and the Caribbean. Similar to US-based warehouse stores, though smaller, PriceSmart stores primarily sell food, beverage, health and beauty, soft goods and house wares to small businesses and affluent consumers. We raised our fiscal Q3 and full fiscal year 2008 EPS estimates for PriceSmart to $0.26 and $1.07 (from $0.24 and $1.05, respectively) after the company reported a second consecutive month of same stores sales increases that beat our estimates. PriceSmart indicated that May month comps rose 20.7%, following increases of 22% for April and 14% for March. 
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