Piper Jaffray Reiterates Neutral on Christopher & Banks

Piper Jaffray is out with its report today on Christopher & Banks

, reiterating Neutral. In a note to clients, Piper Jaffray writes, "We are reiterating our Neutral rating on CBK shares following the company's FQ1 earnings report in which management guided to flat to slightly positive same-store sales in FQ2. Net sales were ahead of our expectations in FQ1 and the company ended the quarter with flat inventory per store (excluding e-commerce), however management expects FQ2 gross margin to be down 350 to 450 bps y/y. That said, CBK maintains a healthy balance sheet with nearly $3 per share in cash and investments, and we believe this limits downside to the shares." Piper Jaffray maintains a $6 PT on CBK. Shares of CBK closed Thursday at $5.75, up 0.52% from Wednesday's close.