Vitamin Shoppe climbs on positive Deutsche Bank initiation

Vitamin Shoppe (VSI +3.5%) shares climb after Deutsche Bank initiates coverage with a Buy and PT of $52.

Although Analyst Karen Short sees "lumpiness persisting through FY13" due to the Super Supplements acquisition and a new distribution center, Short is bullish for several reasons: "1) ROIC should begin to improve once VSI cycles both the new DC costs and acquisition integration costs, 2) with ROIC improving, we expect the valuation multiple to expand, 3) we believe VSI will continue to gain share in the high-growth health supplements space, so we believe the long-term growth story is intact."

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