Mizuho Securities Raises Price Target on Express (EXPR) to $24 Following a 2Q EPS Beat
Mizuho Securities reiterated a Buy rating on Express Inc. (NYSE: EXPR), and raised the price target to $24.00 (from $21.00), following the company's 2Q earnings release. EXPR reported EPS of $0.25 beating consensus’ $0.15 estimate.
Analyst Betty Chen commented, "With another 2Q beat and BTE forward guide, we are raising our estimates and PT to $24 from $21 as we believe EXPR continues to reap market share gains from trend-right merchandise supported by impactful marketing campaigns, muted promotional cadence, and strategic unit buys. With the company leveraging its test and react strategy to test product extensions, we see additional sales and margins opportunity. Longer-term, plans to improve Outlet, omni-channel capabilities, and expand International remains on-track as the target for +LDD EBIT margin in the next few years appears achievable."
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Shares of Express Inc. closed at $16.90 yesterday.