KeyBanc Downgrades Chico's, Inc. (CHS) to Sector Weight
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KeyBanc downgraded Chico's, Inc. (NYSE: CHS) from Overweight to Sector Weight and removed its price target. Analyst Edward Yruma said he was stepping to the sidelines following gains in the stock.
"With Chico's up 25% since November 4 (vs. S&P +1%) and up 39% YTD (vs. S&P +5.9%), we are taking the opportunity to move to the sidelines and are downgrading to Sector Weight. We stuck with CHS with the thesis that new CEO Shelly Broader would drive both operational efficiency and restore merchandising discipline. We are more confident in her ability to execute these changes, but also believe that they are increasingly priced into the stock at current levels. Within retail, we favor JWN, GPS, and QVCA," said Yruma.
Shares of Chico's, Inc. closed at $14.79 yesterday.
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