Citi Trends Rating Increased to Outperform at Zacks (CTRN)
Citi Trends (NASDAQ:CTRN) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a report issued on Wednesday. The firm currently has a $25.00 price target on the stock. Zacks‘s target price points to a potential upside of 8.84% from the stock’s previous close.
Zacks’ analyst wrote, “We have upgraded our long-term recommendation on Citi Trends to Outperform based on the company’s better-than-expected results for the first-quarter fiscal 2014. The company’s earnings of $0.61 per share for the quarter registered a year-over-year jump of above 45% and surpassed the Zacks Consensus Estimate of $0.52. We believe that the company’s turnaround strategies such as better utilization of floor area, improvisation of merchandise margins and efficient inventory management have helped in turning the losses into profit in fourth-quarter fiscal 2013 and the same has continued in the recently reported quarter. Moreover, the company expects these turnaround initiatives to lead drive sales improvement throughout fiscal 2014. Other factors that justify our positive stance on the stock include better cost management, a debt-free balance sheet and strong cash position.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Citigroup Inc. upgraded shares of Citi Trends from a “hold” rating to a “buy” rating in a research note on Tuesday, June 10th. Finally, analysts at MKM Partners raised their price target on shares of Citi Trends from $20.00 to $24.00 in a research note on Thursday, May 22nd. They now have a “buy” rating on the stock. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $21.00.
Citi Trends (NASDAQ:CTRN) traded down 1.35% on Wednesday, hitting $22.66. The stock had a trading volume of 55,622 shares. Citi Trends has a 52-week low of $13.70 and a 52-week high of $23.10. The stock’s 50-day moving average is $20.37 and its 200-day moving average is $17.59. The company has a market cap of $337.6 million and a P/E ratio of 102.09.
Citi Trends (NASDAQ:CTRN) last announced its earnings results on Wednesday, May 21st. The company reported $0.61 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.51 by $0.10. The company had revenue of $188.00 million for the quarter, compared to the consensus estimate of $187.74 million. During the same quarter in the prior year, the company posted $0.42 earnings per share. The company’s quarterly revenue was up 3.4% on a year-over-year basis. Analysts expect that Citi Trends will post $0.46 EPS for the current fiscal year.
Citi Trends, Inc is a retailer of urban fashion apparel and accessories for the entire family. The Company offers branded apparel from national brands, as well as private label apparel, accessories and a limited assortment of home decor items.
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