In a report published Monday, Barrington Research analyst Kristine Koerber initiated coverage on Blue Nile (NASDAQ: NILE) with a Market Perform rating.
In the report, Barrington Research noted, “We are initiating coverage of Blue Nile with a MARKET PERFORM rating. Blue Nile is a dominant online retailer of diamond engagement jewelry and is growing its non-engagement jewelry category.
"The company's build to order model is quite unique and we believe it is difficult to replicate the infrastructure, trust and relationships it has built over the years. The company's online success appears to be attributed to its low-cost structure, its value proposition and its direct sourcing strategy. We believe the company's strong online engagement market share provides further validation of its model and the potential to drive future growth.”
Blue Nile closed on Friday at $27.99.
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