Oppenheimer Reiterates an 'Outperform' on New York & Co (NWY); Sees Momentum Continuing August-To-Date

August 17, 2012 10:50 AM EDT
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Price: $2.15 +2.38%

Rating Summary:
    2 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Oppenheimer reiterates an 'Outperform' on New York & Co (NYSE: NWY) price target of $4.60.

Analyst, Pamela Quintiliano, said, "NWY reported F2Q12 GAAP EPS of ($0.07) vs. Opco/consensus of ($0.11)/($0.10) and ($0.25) last year. Revenues in line with LY at $228M on a flat comp. Comps may be viewed as disappointing given recent flat to up guidance on 7/12. Results reflected a slowdown in late July as stores did not have enough inventory to support demand in popular classifications—a high-class problem, especially relative to historical issues. We believe inventories will be more aligned in 2H given a series of well-planned promotions. Importantly, the customer is responding well to new assortments at compelling prices (such as the early August pant event). We remain impressed with progress on key stated initiatives."

FY12 EPS estimate lowered from (0.06) to (0.07), maintains $0.10.

For an analyst ratings summary and ratings history on New York & Co click here. For more ratings news on New York & Co click here.

Shares of New York & Co closed at $3.80 yesterday.

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