UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on Francesca's Holdings Corporation
In a report published Wednesday, Canaccord Genuity reiterated its Buy rating on Francesca's Holdings Corporation NASDAQ: FRAN), and slightly raised its price target from $30.00 to $31.00.
Canaccord Genuity noted, “Francesca's Q3 SSS grew 17%, above our estimate of 13%. Q3 operating EPS of $0.24 vs. $0.14 exceeded our estimate and consensus by two cents on the higher sales and operating expense leverage. The company also announced plans to open 80 new store s in 2013, compared to our estimate of 75. Francesca's remains one of our favorite growth stocks, with industry-leading unit growth and more than double the average retailer's EBIT margins at 26% in 2012E.”
Francesca's Holdings Corporation closed on Tuesday at $26.81.
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