Janney Analyst Issues 'Event Driven' Upgrade On Express

In a note issued Monday, Janney analyst Adrienne Tennant raised shares of Express Inc. EXPR from Neutral to "event driven" Buy. Tennant noted that the proposed deal from Sycamore Partners could be priced at $22.33 based on a LBO analysis and pointed out this is toward the lower end of historical multiples in space. Additionally, Tennant said consummation of the deal is "extremely high" based on the prior relationship between Sycamore's CEO and Express management. Shares of Express are trading up ~2 percent following the release of the note.