Wedbush Raises Price Target on Express (EXPR) Following Strong Q3 Results, Raised FY11 Outlook
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Price: $0.83 --0%
Rating Summary:
7 Buy, 9 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 11 | New: 6
Rating Summary:
7 Buy, 9 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 11 | New: 6
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Wedbush is reiterating its Outperform rating on shares of Express Inc. (NYSE: EXPR) while increasing its price target from $26 to $28.
The firm notes EXPR fell right into their expectations for the quarter with Q3 upside, better than expected Q4 guidance, and a raised full year 2011 outlook.
Wedbush highlights the potential for margin expansion with product testing, growth of the DTC channel, and possible plans for international roll out. The firm is increasing its Q4 EPS estimate from $0.67 to $0.70, which is at the high end of management's $0.66-$0.70 guidance.
An analyst at Wedbush comments, "As the company indicates an encouraging start to the crucial Holiday season with solid November and Black Friday results, we note positive responses to the trend-right product in all key categories, with price increases in key items and higher ticket fashion holding steady."
For FY11 and FY12, Wedbush increased its EPS estimates from $1.62 and $1.88 to $1.66 and $2.00. Revenue for FY11 and FY12 is now forecasted to be $2.07 billion and $2.25 billion.
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 $22.69 yesterday.
The firm notes EXPR fell right into their expectations for the quarter with Q3 upside, better than expected Q4 guidance, and a raised full year 2011 outlook.
Wedbush highlights the potential for margin expansion with product testing, growth of the DTC channel, and possible plans for international roll out. The firm is increasing its Q4 EPS estimate from $0.67 to $0.70, which is at the high end of management's $0.66-$0.70 guidance.
An analyst at Wedbush comments, "As the company indicates an encouraging start to the crucial Holiday season with solid November and Black Friday results, we note positive responses to the trend-right product in all key categories, with price increases in key items and higher ticket fashion holding steady."
For FY11 and FY12, Wedbush increased its EPS estimates from $1.62 and $1.88 to $1.66 and $2.00. Revenue for FY11 and FY12 is now forecasted to be $2.07 billion and $2.25 billion.
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 $22.69 yesterday.
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