Shoppers enter a Michaels store in Miami, Florida.
Scott McIntyre | Bloomberg | Getty Images
Arts and crafts retailer Michaels Stores is having its best day ever.
The reason behind this monster move was a simple bullish call from JPMorgan.
Shares of Michaels are up than 50% on Monday, its biggest one-day jump on record. This wiped out all of the beaten down retailer’s losses for the year.
The Wall Street firm upgraded shares of Michaels to overweight from neutral, saying the retailer has an attractive valuation based on an expected re-rating to price-to-earnings ratio on 2021 earnings.
“Given increased optimism around the pace of economic recovery and a wide divide in valuation of haves…