Piper Jaffray Initiates Coverage on J.Crew Group (JCG) with a Buy
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Piper Jaffray & Co. initiates coverage on J.Crew Group (NYSE: JCG) with a Buy. Price target $24.
Piper analyst says, "We are initiating on JCG with a Buy rating based on 1) conservative FQ1 guide; 2) 2H margin recovery potential given inv & expense control, and 3) model leverage and lack of saturation in the domestic market. Excess inventory and negative sales trends this Spring created a shadow of uncertainty surrounding assumptions heading into 2H. However, we think estimates are appropriately conservative at this juncture and inventory rationalization efforts are on track, lending to significant
leverage if traffic and consumer spending stabilize...Demographic trends favor core young adult customer; expense control and inventory management remain key opportunities for 2H09."
J.Crew Group, Inc. is an integrated multi-channel, multi-brand, specialty retailer.
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