Sterne Agee Maintains Neutral on Christopher & Banks

Sterne Agee is out with its report today on Christopher & Banks

, maintaining Neutral. In a note to clients, Sterne Agee writes, "We continue to rate CBK Neutral with a $7 target based upon 0.5x FY13 sales with its historic average price to sales at 0.8x. CBK ended Q1 with cash and short- and long-term investments of $101.3 or $2.85 per share." Sterne Agee maintains a $7.00 PT on CBK. Shares of CBK closed Thursday at $5.75, up 1.05% from Wednesday's close.