Goldman Sachs analyst Morry Brown this morning picked up coverage of online diamond seller Blue Nile (NILE) with a Buy rating and $62 price target.
“We look for market share gains from continued online adoption within the jewelry category and outsized growth from an early-stage international business to drive revenue increases in the mid-to-high teens over the medium turn,” the analyst writes. “With shares trading at 15.9x our 2010 EV/FCF estimates (a discount to our
expected growth rate), we view this as an attractive entry point for one of the best business models we have come across in retail.”
NILE is up $1.22, or 2.7%, to $47.
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