Piper Jaffray Remains Bullish Following the Abrupt Departure of Express' (EXPR) CFO
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Piper Jaffray reiterates an Overweight rating and $21.00 price target on Express Inc. (NYSE: EXPR) following todays announced departure of CFO, Paul Dascoli, today. Analyst Neely Tamminga says that even though the conditions of the departure are unknown, Piper Jaffray sees fine prospects for the back half, and remains positive.
Tamminga commented, "EXPR announced that its CFO, Mr. Paul Dascoli, departed from the company today and is to be succeeded by Mr. Perry Pericleous, the company's VP, Finance. While we do not know the conditions under which Mr. Dascoli departed from the company, we believe him to be a good CFO--both in skills and qualities, but we also believe the company is positively inflecting in sales and margin with fine prospects for the back half. While we tend to pause on stocks when human capital transition occurs so abruptly, we simply believe Express the company and EXPR the stock has upside in the coming months, quarters and year. As such, we continue to recommend EXPR shares and would recommend investors looking for a unique entry point to consider EXPR should shares trade lower on the open tomorrow."
For an analyst ratings summary and ratings history on Express Inc. click here. For more ratings news on Express Inc. click here.
Shares of Express Inc. closed at $18.12 yesterday.
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