Bull of the Day: Citi Trends - Bull of the Day
11 January 2013 - 11:31AM
Zacks
We are upgrading our long-term recommendation on
Citi Trends
(CTRN) to Outperform on the back of its better-than-expected
third-quarter 2012 results. We are pleased with Citi Trends'
turnaround efforts due to the fact that despite weaker comps the
company registered growth in its top line and narrowed its loss.
Net sales increased 4.1% to $149 million and surpassed the Zacks
Consensus Estimate of $142 million. We believe that Citi Trends'
effective cost-control initiatives and inventory management are
gradually putting the company back on the growth trajectory.
Moreover, Citi Trends' extensive focus on store expansion is set
to drive top-line growth in the future. Our target price of $14.00
is based on P/CF multiple of 11.0x.
CITI TRENDS INC (CTRN): Free Stock Analysis Report
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