Nomura Securities Reiterates Buy on Express (EXPR) After Meeting with Management
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Nomura Securities reiterated a Buy rating and $14.00 price target on Express Inc. (NYSE: EXPR) after hosting meetings with management. Management isolated what went wrong in 1H16 and addressed the actions being taken to correct the company's course. Recognizing that the macro environment is challenging for all, management focused their actions on controlling the controllables and fixing their missteps.
Analyst Simeon Siegel commented, "We recently hosted meetings with CEO David Kornberg & CFO Perry Pericleous. Meetings were generally upbeat with management isolating what went wrong in 1H16 and addressing the actions being taken to course correct. Although these fixes should not bear immediate fruit, we believe mgmt’s guidance appropriately helped reset the near-term bar (3Q comps down HSD-LDD and OPM to decline 500bps). And although, in light of recent results and the challenging environment, comp growth is really all that should matter, we believe that with low expectations (11.6x FY17E EPS, ~4x EVEBITDA) and systems initiatives that should begin to benefit, shares look attractive."
Shares of Express Inc. closed at $12.06 yesterday.
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