Fred's, Inc. (NASDAQ:FRED) is a retailer of general merchandise and pharmacy operator in the southeastern United States. Through its 715 stores the company sells prescription fulfillment services, food and beverages, various household items and more to low and middle-income consumers in small and medium sized towns. The Memphis, Tennessee company saw its stock lose roughly three quarters of its value leading up to the financial crisis only to recover to multi-year highs recently. While Fred's business is on the mend I believe the run up in shares has come too quickly. I intend to argue that while Fred's has several initiatives in place to improve traffic and profitability, the estimated gains from these initiatives are largely priced into...
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