FOR IMMEDIATE RELEASE
Friday, August 29
Company: Parts Unlimited (PAUD)
Rating: SELL
Price Target: $8 (current $13)
Effective immediately, Parts Unlimited CEO, Steve Masters, is stepping down from his role as chairman after eight years of holding that position. Board Director Bob Strauss, who served as company chairman and CEO two decades ago, is returning from retirement to assume the role of chairman.
Parts Unlimited stock has tumbled 19 percent in the last 30 days under heavy trading, down 52 percent from its peak three years ago. The company continues to be outmaneuvered by its arch rival, famous for its ability to anticipate and instantly react to customer needs. Parts Unlimited now trails the competition in sales growth, inventory turns ...
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