Dutton Associates updates its coverage of George Foreman Enterprises (OTC PK:GFME), maintaining its rating of Speculative Buy and increasing its 12-month price target to $4.50. The 7-page report by Dutton senior analyst Gerald LaKarnafeaux, CFA, is available at www.jmdutton.com, and at First Call, Bloomberg, Reuters, Zacks, Knobias, and other leading financial portals.
The Company belatedly reported its third quarter 10Q for the period ending September 30, 2006, the 10K for the year ending December 31, 2006 and the 10Q for the March 31, 2007. We suspect that when the Company files its 10Q for the June quarter the Company’s trading privileges on the OTC bulletin board will be reinstated. In spite of its past non-compliance on the filing requirements, we continue to rate the stock as a Speculative Buy. Our positive rating is based on the fact that the Company indirectly has entered into four projects that utilize the celebrity and promotional skills of George Foreman. While the worth of these actions is not yet quantifiable, we believe that, based on Foreman’s record of generating sales of products he has endorsed, over time, significant value will accrue to the Company. Considering the three recent transactions discussed below (see recently Announced Projects Page 4 of our report), we are increasing our 12-month target price to $4.50 per share.
About Dutton Associates
Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in the Dutton Associates one-year continuing research program is US $39,500 prepaid from the Company for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $33,000 from Börse Inside Verlag AG for 4 Research Reports with coverage commencing on 12/13/2005. Dutton Associates does not accept payment of any of its fees in company stock. Its principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures, and analyst background at www.jmdutton.com before investing.
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John M. Dutton, 916-941-8119
