Wedbush Starts Express Inc. (EXPR) at Neutral
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Wedbush initiates coverage on Express Inc. (NYSE: EXPR) with a Neutral rating and a price target of $9.00.
Analyst Jennifer Redding comments "Although express has had a rough few years with an unstablized earnings trend given increasing competitive pressures, we laud management initiatives and strategy and believe Express has opportunity to increase market share via multiple avenues of growth including ecommerce, social media positioning, and more stabilized fashion assortments.. Yet, Express has had a rough few years with an unstablized earnings trend, given increasing competitive pressures. According to our proprietary data work, it appears the promotional environment intensified in first quarter. Insights from our proprietary e-commerce data product, Wedbush Big Data, calls out a sharp increase in markdown rate, which we fear signals pressure to merchandise margin."
Shares of Express Inc. closed at $8.38 yesterday.
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