FBR Capital Reiterated an 'Outperform' on Chico's (CHS); Raises PT & Estimates
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Last night, FBR Capital reiterated an Outperform on Chico's (NYSE: CHS)
FBR analyst says, "Despite investors' concerns over valuation, the fundamentals continue to improve, and we believe they will continue to support the higher valuation levels; we reiterate our Outperform rating. Technically speaking, we believe there was a major resistance point at $14, which had been capping share price appreciation. We believe that a weekly close above this level would serve as a strongly bullish indicator. Based on the continuing positive results, we raise our FY09 estimate from $0.32 to $0.39 and our FY10 estimate goes from $0.54 to $0.60. We are introducing our FY11 estimate of $0.75. Our price target increases from $15 to $18, which is 24.0x (based on a 24% three-year earnings growth rate) our FY10 EPS estimate of $0.60."
To see all the upgrades/downgrades on shares of CHS, visit our Analyst Ratings page.
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