Standard & Poor’s upgrades Barnes & Noble
NEW YORK – Barnes & Noble Inc. shares are fairly priced after a drop, a Standard & Poor’s analyst said, upgrading the bookseller to “Hold” from “Sell” on Wednesday.
THE OPINION: The bookseller’s shares have lost a quarter of their value in the past two months, and even taking into account industry-related challenges, the stock price is fairly valued, S&P analyst Michael Souers said in a note to clients. Traditional booksellers face tough competition from online retailers like Amazon.com and discounters such as Wal-Mart Stores Inc.
THE STOCK: Barnes & Noble stock rose 9 cents to $17.25 in midday trading.