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Wall Street Lifts Express

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Specialty apparel and accessories retailer, Express, Inc. (NYSE: EXPR) reported a Q2 net income for of $21 million ($0.25 per diluted share) before Wednesday’s market open. The clothing giant reported a net income of only $6.9 million in the same quarter of 2014. Analysts were expecting earnings of $0.16 per share.

Net sales for Express increased 11 percent to $535.6 million while analysts had expected revenues of $504.8 million. The company attributes its growth in sales and income to a reduction in clearance/promotion items and to better products.

Express increased its full year guidance on earnings to a range between $1.23-$1.30 per share while its previous estimates ranged between $1.11-$1.22 per share.

Shares rose 19 percent in Wednesday’s session as Express tripled its profits. However, the stock was down more than 1 percent on Thursday morning.

Wall Street analysts tweaked their price targets after the big report:

  • UBS Securities: Analysts maintained a Neutral rating, increased price target from $19 to $22.
  • SunTrust Robinson Humphrey: Maintained Neutral rating, upped price target from $18 to $21.
  • Brean Capital: Reiterated a Buy rating, price target increased from $23 to $25.
  • Mizuho Securities: Reiterated a Buy rating, increased price target from $21 to $24.
  • Susquehanna Bank: Maintained a Positive rating, upped price target from $21 to $24.

SUMMARY: 3 maintained, 2 reiterated ratings; new price target range of $18-$25.

Latest Ratings for EXPR

DateFirmActionFromTo
Aug 2020MKM PartnersMaintainsNeutral
Apr 2020B. Riley FBRMaintainsNeutral
Mar 2020B. Riley FBRMaintainsNeutral

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View the Latest Analyst Ratings

 

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Posted-In: Price Target Reiteration Analyst Ratings

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StockFirmActionPT
GDWolfe ResearchDowngrades
QRTEAB of A SecuritiesInitiates Coverage On
ABB of A SecuritiesDowngrades42.0
VCTRB of A SecuritiesUpgrades32.0
BSIGB of A SecuritiesUpgrades27.0
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