UPDATE: Morgan Stanley Reduces PT to $20 on Express, Maintains Overweight as Selloff is Overdone

Morgan Stanley reiterates its Overweight rating on Express (NYSE: EXPR) but reduces its price target from $27 to $20.

Morgan Stanley notes, "EXPR missed 1Q EPS expectations and lowered 2012 guidance causing the stock to fall 27%. We believe the selloff is overdone and consider the stock undervalued at this level. We maintain our Overweight rating and lower our PT to $20 from $27."

EXPR closed at $16.76 on Tuesday.

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