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September 15, 2008 9:13 AM EDT
Cowen & Co initiates coverage on Rent-A-Center (Nasdaq: RCII) with an Outperform. Cowen analyst, Laura Champine, says, 'RCII is the market leader in the rent-to-own industry with approximately 40% of industry revenues, and we believe its large store base and experience in the industry give it a sustainable competitive advantage. We believe current macro and credit conditions affecting the consumer could force consumers away from traditional retail and into the rent-to-own industry...Valuation seems cheap given steady earnings growth and strong cash flow generation. RCII trades at a mere 10X our FY08 EPS estimate and 9x our FY09 EPS estimate. Our blended DCF model indicates the potential for the stock to substantially appreciate relative to the market over the next twelve months.' Rent-A-Center, Inc

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