KeyBanc Initiates Coverage on Pacific Sunwear of California (PSUN) with a Hold
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KeyBanc initiates coverage on Pacific Sunwear of California (Nasdaq: PSUN) with a Hold.
KeyBanc analyst says, "We believe most of the strategic initiatives witnessed since late 2006 can find their genesis with the Company's relatively new CEO, Sally Frame Kasaks. Ms. Kasaks' biography in the retail space is of paramount importance in understanding the strategic direction PSUN has charted for itself. Her experience includes stints as CEO of Ann Taylor, Abercrombie & Fitch, and Talbots...For numerous reasons, we believe the Company's long-term goals will be difficult to achieve. We understand that the Company's growth opportunities outside of driving increased productivity on its existing store base are minimal given its store count. However, we also worry that these initiatives could have the unintended consequence of resulting in deterioration in fundamentals over the long term, rather than improvement."
Pacific Sunwear of California, Inc. is a specialty retailer focused on action-sport inspired casual apparel, accessories and footwear designed to meet the needs of active teens and young adults.
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