Piper Jaffray Reiterates Neutral Rating On Christopher & Banks

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According to Piper Jaffray, Christopher & Banks (NYSE: CBK) Neutral rating is reiterated.Piper Jaffray reported that it is reiterating its Neutral rating on CBK shares following the company's FQ4 earnings report in which FQ1 gross margin was guided down 900-1,000 bps y/y. “With inventory per store up 4% y/y despite expectations for same-store sales declines in the first half of FY12, we continue to believe that any meaningful turnaround is at least two more quarters away. That said, CBK maintains a healthy balance sheet with more than $2 per share in cash, and we believe this limits downside to the shares despite lackluster performance.”Christopher & Banks closed yesterday at $6.39.

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