Bassett Furniture downgraded to Market Perform from Outperform at Noble Capital

Noble Capital downgraded Bassett Furniture to Market Perform from Outperform after the company released preliminary results for the fiscal third quarter. A 27% drop in wholesale shipments, combined with several unusual events related to store closures and ongoing discounting of the Club Level line, negatively impacted the quarter in what has “been a challenging year so far for Bassett,” the analyst tells investors. The firm is lowering its rating until it begins to see “more positive momentum for the business,” the analyst added.