Brean Capital reiterate a Buy rating and $22.00 price target on Chico's, Inc. (NYSE: CHS) leading up to CHS's Q1 earnings report. Analyst Liz Pierce estimates Q1 earnings of $0.28 (vs Street's $0.27 estimate) and $628M in total sales. CHS is scheduled to report Q1 earnings tomorrow before the market opens.

Pierce commented on CHS, saying, "While we expect CHS to report Q1 earnings in line with expectations, we remain cautious into the print given the challenges faced by the sector during the quarter such as the delayed arrival of both Spring weather and product. That said, we continue to believe that CHS is Best in Class in the specialty retail space given its diversified portfolio of brands and a comparatively underserved niche in the Missy space. Moreover, between an improved offering and the recent cost reduction and capital allocation initiatives, we believe the company remains on track to meet its longer term goal of mid-teen earnings growth and double-digit operating margin. Accordingly, we reiterate our Buy rating and our $22 price target, which is based on a multiple of 22x our FY16 EPS estimate of $1.02 and a 1.1 PEG ratio."

For an analyst ratings summary and ratings history on Chico's, Inc. click here. For more ratings news on Chico's, Inc. click here.

Shares of Chico's, Inc. closed at $16.96 yesterday.