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Piper Jaffray maintained Cache
CACH with a Neutral rating and raised the price target from $3.00 to $4.00.
Piper Jaffray analyst Neely J.N. Tamminga noted, "New CEO Jay Margolis, a former CEO of Limited Brands' Apparel Group, outlined his strategic priorities, which include reducing time to market, moving towards a broader "lifestyle" assortment, and continuing to invest in the e-commerce channel. We are encouraged by these initiatives, which we would characterize as ambitious yet achievable. Regarding near-term results, it appears that Q1 gross margin will likely be under pressure given clearance inventory that was carried into the quarter from Q4."
Cache closed at $3.86 on Tuesday.
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