Instinet Downgrades Chico's, Inc. (CHS) to Neutral
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Instinet (Nomura) downgraded Chico's, Inc. (NYSE: CHS) from Buy to Neutral and maintained a price target of $13, citing valuation.
Analyst Simeon Siegel commented, "Recognizing the myriad macro and headline factors at play, we downgrade shares of CHS and FRAN given valuation. CHS/FRAN have run 30%/61% over the past six months (vs. SP 500 +7%), and, although both are working through their turnarounds, at ~16x and 15x our FY17 estimates for CHS and FRAN, respectively, we are moving to the sidelines."
Shares of Chico's, Inc. closed at $14.41 yesterday.
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