Piper Jaffray Downgrades Chico's FAS (CHS) to Neutral
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Piper Jaffray & Co. downgrades Chico's FAS (NYSE: CHS) from Buy to Neutral. Price target lowered from $9 to $7.
Piper analyst says, "We are lowering our investment rating on CHS from Buy to Neutral in view of what we believe to have been eroding trends in mall traffic along with what we perceive to be stepped-up promotional activity at both the core Chico's divisions and their White House Black Market division--likely in response to stepped-up promotional competition in mall-based retailing. While we believe Chico's is on the right track to tighten inventory levels, reduce controllable expenses and regain traction in their once-industry-leading operating margin levels, we believe the overall environment is worsening and causing a bit of a delayed time-table to Chico's recovery."
Chico’s FAS, Inc. is a specialty retailer of private branded, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing gift items under the Chico’s, White House | Black Market (WH|BM) and Soma Intimates (Soma) brand names.
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