UPDATE: Wedbush Cuts PT to $20 on Express on Compelling Valuation

Wedbush maintained Express

with an Outperform rating and lowered the price target from $22.00 to $20.00. Wedbush analyst Betty Chen noted, "We view current discounted valuation as compelling given conservative Q1/F13 guide that downplays easier compares starting in April and assumes modest merchandise margin recovery. With muted traffic in Feb from macro/weather, similar to others, EXPR noted improvements in March and our Retail Specialists called out EXPR as being trend-right. EXPR will be launching a new Easy Care 1MX shirt for men that could garner additional share." Express closed at $17.32 on Wednesday.