UPDATE: JP Morgan Upgrades Express to Overweight on Stabilizing Trends

JP Morgan upgraded Express

from Neutral to Overweight and raised the price target from $19.00 to $22.00. JP Morgan noted, "We are upgrading shares of EXPR from Neutral to Overweight given our belief that 1) following several quarters of missteps, 4Q's better than expected results validate management's claims that the issues were isolated; 2) recently promoted President, David Kornberg, will continue to improve performance in womens, 3) risk/reward looks attractive at current levels, and shares have further room to appreciate (despite the recent rally) driven by both upwards earnings revisions and multiple expansion." Express closed at $18.14 on Tuesday.