Initiated Buy X

SBH Sally Beauty

Canaccord Genuity

$14

Upgrades Hold Buy X

SBH Sally Beauty

TD Cowen

$14 $16

Upgrades Underperform Mkt Perform X

SBH Sally Beauty

Raymond James

Initiated Overweight X

SBH Sally Beauty

Piper Sandler

$15

Downgrades Outperform Mkt Perform X

SBH Sally Beauty

Cowen

$17

Downgrades Mkt Perform Underperform X

SBH Sally Beauty

Raymond James

Downgrades Eq-Weight Underweight X

SBH Sally Beauty

Morgan Stanley

$19 $12

Downgrades Outperform Perform X

SBH Sally Beauty

Oppenheimer

Upgrades Underperform Mkt Perform X

SBH Sally Beauty

Raymond James

Upgrades Mkt Perform Outperform X

SBH Sally Beauty

Cowen

$30

Upgrades Perform Outperform X

SBH Sally Beauty

Oppenheimer

$24

Downgrades Outperform Perform X

SBH Sally Beauty

Oppenheimer

Upgrades Underweight Eq-Weight X

SBH Sally Beauty

Morgan Stanley

Upgrades Underperform Hold X

SBH Sally Beauty

Jefferies

$14 $12

Reiterated Underperform X

SBH Sally Beauty

BofA/Merrill

$15 $13

Reiterated Underperform X

SBH Sally Beauty

BofA/Merrill

$19 $16

Downgrades Hold Underperform X

SBH Sally Beauty

Jefferies

Downgrades Neutral Underperform X

SBH Sally Beauty

BofA/Merrill

SBH  Sally Beauty Holdings, Inc. (Name to be changed from Sally Holdings, Inc.)

Sally Beauty Holdings, Inc. is an international specialty retailer and distributor of professional beauty supplies with operations primarily in North America, South America and Europe. The Company operates through two business segments: Sally Beauty Supply and Beauty Systems Group (BSG). Sally Beauty Supply is a domestic and international chain of cash and carry retail stores, which offers professional beauty supplies to both salon professionals and retail customers primarily in North America, Puerto Rico, and parts of Europe and South America. BSG, including its franchise-based business Armstrong McCall, is a full service beauty supply distributor, which offers professional brands of beauty products directly to salons and salon professionals through its own sales force and professional-only stores (including franchise stores) in partially exclusive geographical territories in North America and parts of Europe.