Piper Jaffray Remains Sidelined on Vince Holding (VNCE) Following CFO Departure

Piper Jaffray maintains a Neutral rating and $13.00 price target on Vince Holding (NYSE: VNCE) following the immediate departure of CFO, Lisa Klinger. Analyst Erinn Murphy believes the underperformance in the results over the last several quarters has caused Sun Capital (55.7% stakeholder) to step up their involvement in the day-to-day business.

Murphy commented, "We are staying on the sidelines on VNCE shares following yesterday's announcement of the immediate departure of the CFO, Lisa Klinger. In the last month, there have been two notable human capital announcements: 1) Jill Granoff, while still CEO had her Chairman title transferred to Marc Leder of Sun Capital on June 2; and 2) Lisa Klinger's departure and the appointment of Mark Brody as interim CFO. We believe the underperformance in the results over the last several quarters has caused Sun Capital (55.7% stakeholder) to step up their involvement in the day-to-day business. Shares traded up on this most recent management rotation which we believe is the market's nod toward this departure and could underscore potential future strategic changes. From our perspective, shares remain in a show-me situation and we are concerned with the deteriorating wholesale trends, higher inventory balances and company's recent discussion around their re-pricing strategy."

For an analyst ratings summary and ratings history on Vince Holding click here. For more ratings news on Vince Holding click here.

Shares of Vince Holding closed at $13.00 yesterday.

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