Piper Jaffray Upgrades Vince Holding (VNCE) to Overweight
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Piper Jaffray upgraded Vince Holding (NYSE: VNCE) from Neutral to Overweight with a price target of $8.00 (from $6.00), calling it a compelling self-help story.
Analyst Erinn Murphy commented, "We are upgrading shares of VNCE from Neutral to OW, and raising our PT to $8 on the belief that this is an early stage, self-help product turnaround candidate. In the last 10 months, mgmt has turned over with the appointment of Brendan Hoffman as CEO, and the founders Rea Laccone and Christopher LaPolice have returned to architect a product turnaround. YTD, the company has pulled back on promotional activity in their own stores. In addition, they are lessening their dependence on off-price--which we believe is tracking toward the better-end of their goal to achieve 20% by year-end. While Fall/Holiday are the first collections the founders have impacted, early reads are positive. Our checks suggest Vince had a solid Anniversary Sale at Nordstrom and has been building momentum at Saks & Neiman. Bottom line, wee see the stock as undervalued against improving traction of new product & visibility towards a stabilizing top-line."
Shares of Vince Holding closed at $5.63 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Upgrades, Upgrades
Related EntitiesPiper Jaffray, Erinn Murphy
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