UPDATE: Citigroup Reiterates Neutral, Lowers PT to $23 on rue21
Citigroup maintains its Neutral rating on rue21 (NASDAQ: RUE) and lowers its price target to $23 from $27 per share on limited upside.
Citigroup comments, "While we believe that RUE shares warrant a premium multiple as compared to the Softlines group given an attractive square footage growth trajectory, we see less earnings upside over the next several quarters versus the last few quarters, which should limit upside."
RUE closed at $21.34 per share on Wednesday.
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