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Fly News Breaks for September 11, 2015
TGT, CHKE
Sep 11, 2015 | 06:49 EDT
Brean Capital analyst Liz Pierce says that while Target (TGT) walking away from Cherokee (CHKE) after 20 years is surprising, the retailing giant is paying a "below market" royalty rate. The parting of ways opens the door for Cherokee to pursue a more lucrative deal, Pierce tells investors in a research note. She keeps a Buy rating on the stock with a $28 price target. Shares of fashion brand manager dropped $7.82 to $16.29 in after-hours trading last night.