January 10, 2017 / 6:37 PM / 9 months ago

BUZZ-Hudson's Bay Co: Record low after 2016 revenue forecast

** Shares of Canadian retailer slide to record low after company cuts 2016 revenue forecast

** TD Securities downgrades to “hold” from “buy”, halves PT to C$13; National Bank Financial Markets cuts to C$15 from C$17

** “We suspect that management is reviewing incremental asset sale opportunities to reduce financial indebtedness and support the share price,” National Bank Financial Markets analysts write in a note

** Hudson’s Bay cites challenging retail environment in U.S. and Europe for forecast cut

** More than 2 mln shares traded, 3.1x their 30-day avg

** Of 11 brokerages covering the stock, 4 rate it “buy”, 6 “hold” and 1 “sell”; Median PT is C$15

** Up to Monday’s close, stock down 29.5 pct over past 12 months

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