Mizuho Securities Raises Price Target on Children's Place (PLCE) Following 3Q report
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Mizuho Securities reiterated a Buy rating on The Children's Place (NASDAQ: PLCE), and raised the price target to $105.00 (from $95.00), following the company's 3Q earnings report. Mizuho believes that PLCE’s strong product assortment continues to gain market share. Additionally, 4Q QTD comps are positive despite lapping a tough +6.7% LY, reflecting accelerating momentum. Despite eight consecutive quarters of inventory declines and seven quarters of GM gains, management sees further opportunity to improve inventory productivity. Management also reiterated its plans to grow the wholesale business with the rollout of a replenishment program to improve scale with Amazon.
Analyst, Betty Chen commented, "We are reiterating our Buy rating and raising our PT to $105 (from $95) as we believe strong product and execution continue to drive market share gains, evident by another beat and raise quarter. Importantly, the company’s initiatives to enhance systems and analytics continue to improve inventory productivity and margins with further opportunity in 2017 & beyond. As we foresee additional sales and earnings upside via fleet optimization, wholesale penetration, and Int’l expansion, we continue to believe PLCE is in the early stages of a multi-year transformation to reach +DD EBIT margin."
Shares of The Children's Place closed at $87.60 yesterday.
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