UPDATE: Ascendiant Capital Initiates Coverage on The Buckle with Neutral Rating, $40 PT on Operating Track Record

In a report published Monday, Ascendiant Capital analyst Elizabeth Pierce initiated coverage on The Buckle (NYSE:

) with a Neutral rating and $40.00 price target. In the report, Pierce noted, “We are initiating coverage on The Buckle Inc. with a Neutral rating and a $40 price target. We applaud BKE's strong and consistent track record and its pristine balance sheet; that said with limited annual square footage growth and an operating margin already one of the highest in the sector, we believe annual earnings growth will be somewhat modest. Moreover, given tough upcoming multi-year same store sales comparisons, we believe the stock could be due for a pullback.” The Buckle closed on Friday at $46.98.