Citi Trends (CTRN) Jumps After JPMorgan Gives The Green-Light
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Share of Citi Trends (Nasdaq: CTRN) are on the move today (12.5%) after JP Morgan lifted its rating on the apparel retailer from Neutral to Overweight.
JPMorgan said lean inventories will protect margins, and improving comp trends will generate significant leverage. They also said while the low-end consumer is under pressure, stimulus checks could help, and the fashion cycle could improve throughout the year. They noted, Citi Trends is one of the few retailers delivering 15% annual square footage growth.
JPMorgan sees 2008 EPS of $1.14 and 2009 EPS of $1.34.
On May 21st, Citi Trends reported Q1 EPS of $0.36, 2 cents better than the analyst estimate of $0.34. Revenues for the quarter were $121 million, versus the consensus of $120.89 million. The company also reaffirmed FY08 EPS guidance of $1.10-$1.15.
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