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Janney Analyst Issues 'Event Driven' Upgrade On Express

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In a note issued Monday, Janney analyst Adrienne Tennant raised shares of Express (NYSE: EXPR) from Neutral to "event driven" Buy.

Tennant noted that the proposed deal from Sycamore Partners could be priced at $22.33 based on a LBO analysis and pointed out this is toward the lower end of historical multiples in space.

Additionally, Tennant said consummation of the deal is "extremely high" based on the prior relationship between Sycamore's CEO and Express management.

Shares of Express are trading up ~2 percent following the release of the note.

Latest Ratings for EXPR

DateFirmActionFromTo
Aug 2016UBSDowngradesNeutralSell
Aug 2016BMO CapitalMaintainsMarket Perform
Aug 2016MKM PartnersMaintainsNeutral

View More Analyst Ratings for EXPR
View the Latest Analyst Ratings

Posted-In: Adrienne Tennant Janney CapitalAnalyst Color News Upgrades Analyst Ratings

 

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