Aaron’s initiated with Market Perform on slower growth at TD Cowen

TD Cowen initiated coverage of Aaron’s with a Market Perform rating and $7 price target. The analyst is on the sidelines saying Aaron’s main business is a store-based lease-to-own provider, which has slower long-term growth than the virtual LTO model. Aaron’s has been underperforming peers over the past few years in all relevant metrics, says the firm, which is also skeptical as to whether the company’s store consolidation and remodeling efforts will it catch up with peers in terms of performance.