Another analyst who follows Quiksilver’s stock has downgraded her rating thanks to Quik’s rather large debt, according to a story in the Orange County Business Journal.
Caris & Co. analyst Claire Armstrong Gallacher downgraded Quiksilver’s stock to “average” from “above average,” saying the company’s profits are “at risk” due to its heavy debt and the retail sector’s downturn. . . . “Given the large debt burden, tight credit markets and worsening consumer spending trends we would recommend investment in companies with debt free balance sheets,” Gallacher wrote.
The stock closed the day down 24 cents to $1.59.
[Link: OC Business Journal]
