Nomura Securities analyst Simeon Siegel reiterated a Buy rating and boosted his price target on Express Inc. (NYSE: EXPR) to $24.00 (from $21.00) following 'beat and raise' quarter,

Seigel commented, "Express posted a meaningful EPS beat and raise; however, based on our conversations, we believe investors remain hesitant to check the box on the sustainability of the clear current success. Although we do not expect this to be dispelled until the company “comps the comp,” we note that new leadership has adopted a more balanced approach to the business, lending greater credibility, a fact showing up in something as simple as a recent shift to conservative guidance (Fig. 2). We continue to believe that EXPR is underappreciated, and we expect ongoing multiple and earnings expansion to drive shares higher. Buy the shares."

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Shares of Express Inc. closed at $20.25 yesterday.