NEW YORK -- Shares of Citi Trends Inc.
rose on Thursday after an analyst said the retailer, which focuses on urban apparel, has the potential to double its store base and upgraded the stock.Shares rose 88 cents, or 4 percent to $22.66
during midday trading.
The stock has traded between $7.01 and $28.12 during the past 52 weeks.Article Controlsemailreprintnewslettercommentssharedel.icio.usDigg It!yahooFacebookTwitterrssCiti Trends ( CTRN - news - people
) has performed better than many retailers amid the recession.
Last month, the Savannah, Ga.-based retailer said first-quarter earnings rose 53 percent, helped by higher same-store sales and fewer markdowns, and raised its 2009 profit outlook.JPMorgan analyst
Evren Dogan Kopelman said in a client note that Citi Trends' upcoming tough comparison with the year-ago second quarter, when consumers received fiscal stimulus checks, is already well known.
Also, the stock has dropped about 21 percent over the past six trading days, Kopelman noted, though nothing fundamental has changed."We think the company has the potential to double its store base,
an attractive store economic model and a strong competitive positioning," she wrote.She upgraded the stock to "Overweight" from "Neutral" and set a $24 price target on the stock.Read All
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