Barrington lowers Franklin Covey price target to $35, says buy on weakness

Barrington lowered the firm’s price target on Franklin Covey (FC) to $35 from $45 and keeps an Outperform rating on the shares. The firm views the company’s strategic growth investments and their impact on near-term earnings as “an appropriate trade-off for accelerated growth and profitability in the intermediate to long term,” but given lower near-term revenue and earnings expectations it would expect “a sharp sell-off in the shares this morning once the market opens.” However, Barrington recommends that investors consider taking advantage of the weakness to establish or add to positions.