UPDATE: Piper Jaffray Raises PT to $9 on Christopher & Banks on Q1 Comps Outlook
Piper Jaffray maintained Christopher & Banks (NYSE: CBK) with an Overweight rating and raised the price target from $6.00 to $9.00.
Piper Jaffray analyst Neely J.N. Tamminga noted, "We are reiterating our Overweight rating on CBK shares on the heels of the company's FQ4 release and early indications that FQ1 same-store sales are estimated to be up at least +low 20s%. The path to profitability is clear to us as we are now, for the first time in three years, projecting earnings (not losses) per share for CBK. We note that management is already showing signs of prudent, thoughtful growth initiatives in opening outlet stores, focusing on e-commerce, and investing more payroll into stores."
Christopher & Banks closed at $6.57 on Wednesday.
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