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Fly News Breaks for June 14, 2017
EXPR
Jun 14, 2017 | 09:00 EDT
Morgan Stanley analyst Jay Sole said Express' shift to online is proving "hugely disruptive" as comps have declined at least 8% in each of the past four quarters. The analyst sees risk that mall traffic declines faster than Express can optimize stores and now valuations the stock primarily on the online business. Sole lowered his FY17 earnings estimate to 40c from 65c and cut Express' price target to $7.50 and maintained an Equal Weight rating.
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