UPDATE: Morgan Stanley Reiterates On Express As Outlook Improves

In a report published Thursday, Morgan Stanley analyst Jay Sole reiterated an Equal-Weight rating on

, and named a $15.50 price target. In the report, Morgan Stanley noted, “EXPR same-store sales growth has been decelerating since 2Q13.Today's news likely indicates the trend has bottomed and is starting to improve.We think this is a sign the worst effects of the difficult retail environment are over for EXPR. Plus, our work suggests the women's apparel category growth rate gradually improves over the next couple months (please see Category Sales Outlook: Discretionary Segments Lead).” Express closed on Wednesday at $16.45.