MKM Partners Remains Sidelined on Citi Trends (CTRN) Ahead of 2Q Release
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MKM Partners reiterated a Neutral rating and $16.00 price target on Citi Trends (NASDAQ: CTRN) ahead of the company's 2Q earnings report. MKM is expecting EPS of ($0.07) and compares to 2Q15's $0.01 result. Citi Trends ended 1Q16 with $118 million in cash and investments, about $8 per share, and the company continues to operate debt-free.
Analyst Patrick McKeever commented, "We continue to expect a fourth consecutive quarter of negative same-store sales and a third quarter of down earnings, as we believe women's and children's apparel (nearly 50% of total sales) remained soft after comping down 9% and 8% in 1Q16. We believe the home category continued to do well as management continued to expand floor space and broaden the assortment. We expect better results in 2H16 against easier comparisons, but remain generally cautious on the fundamental outlook."
Shares of Citi Trends closed at $17.91 yesterday.
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