Susquehanna Maintains a 'Positive' Rating on Casual Male (CMRG); Raises Price Target & Estimates
CMRG Hot Sheet
Rating Summary:1 Buy, 0 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
Susquehanna maintains a 'Positive' rating on Casual Male (Nasdaq: CMRG), raises price target from $1.50 to $3.00.
Susquehanna analyst says, "CMRG posted an upside 1Q09 earnings surprise, delivering EPS roughly in-line with last year at $0.01, despite a sales drop of 10%. The quarter upside was driven by defensive positioning with a reduction in operating expenses of 14% and well managed inventories down 15% at quarter end. More important, management provided a significantly higher operating outlook for 2009, inclusive of a greater decline in SG&A expenses, an improved view of merchandise margins and free cash flow, as well as a reduction in bank debt. Based on the more favorable operating outlook and better than expected 1Q09 results, we are raising our 2009 EPS projection by $0.15 to $0.10 vs. $(0.12)...In addition, management is maintaining its course of rebalancing its inventory concentration at Rochester, offering lower opening price point product in an effort to reverse the downward trend in same-store sales."
To see more analyst ratings on CMRG Click Here.
Casual Male Retail Group, Inc. is a specialty retailer of big and tall men's apparel with retail operations in the United States and London, England and direct businesses throughout the United States, Canada and Europe.
Susquehanna analyst says, "CMRG posted an upside 1Q09 earnings surprise, delivering EPS roughly in-line with last year at $0.01, despite a sales drop of 10%. The quarter upside was driven by defensive positioning with a reduction in operating expenses of 14% and well managed inventories down 15% at quarter end. More important, management provided a significantly higher operating outlook for 2009, inclusive of a greater decline in SG&A expenses, an improved view of merchandise margins and free cash flow, as well as a reduction in bank debt. Based on the more favorable operating outlook and better than expected 1Q09 results, we are raising our 2009 EPS projection by $0.15 to $0.10 vs. $(0.12)...In addition, management is maintaining its course of rebalancing its inventory concentration at Rochester, offering lower opening price point product in an effort to reverse the downward trend in same-store sales."
To see more analyst ratings on CMRG Click Here.
Casual Male Retail Group, Inc. is a specialty retailer of big and tall men's apparel with retail operations in the United States and London, England and direct businesses throughout the United States, Canada and Europe.
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