Goldman Sachs Removes Express From 'Americas Buy List,' Raises PT To $20 (EXPR)

Goldman Sachs removed Express

from its 'Americas Buy List' and raised Express' price target to $20 from $17 in a research report published today. In the report, Goldman Sachs states, "In an apparel sector with some challenges, we are extremely focused on names with either major low risk sales opportunity or unanticipated drivers of accelerating profit growth. While we believe EXPR's margin expansion can continue, consensus already embeds further profit gains and EXPR's multiple vs. 2011 estimates is relatively in-line with slower growth peers. Since initiating with a Buy on June 22, this combination of limited earnings upside and valuation in-line with mature peers has resulted in some relative underperformance vs. our coverage (EXPR is +9% vs. our coverage +22%)." Shares of Express closed Friday at $18.78, reflecting no change from Thursday's market close.