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Sally Beauty Holdings slips as Caris downgrades

Sally Beauty Holdings declines as Caris downgrades on run-up in stock price

  • On 10:30 am EDT, Monday September 21, 2009

NEW YORK (AP) -- Shares of Sally Beauty Holdings Inc. declined on Monday after an analyst downgraded shares of the beauty-supply retailer on a run-up in the stock price and expectations for sluggish sales.

Caris & Co. analyst Linda Bolton Weiser cut her rating on the stock to "Above Average" from "Buy" and said the stock has risen 54 percent since she upgraded the shares back in June. Shares have risen 42.5 percent so far this year.

Shares declined 68 cents, or 8.4 percent, to $7.43 in morning trading.

Against this backdrop, Weiser said sales at established stores are unlikely to improve dramatically from current levels.

She also said there are no catalysts to boost earnings per share significantly.

Weiser said the company may be looking to make an acquisition in Brazil, following its purchase of 16 beauty supply stores in Chile called Inter Salon.

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