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Fly News Breaks for March 23, 2018
PLCE
Mar 23, 2018 | 06:20 EDT
BofA/Merrill analyst Stephen Albert downgraded Children's Place two notches to Underperform from Buy and slashed its price target to $115 from $175 following the reduction in 2018 guidance. Management now expects 2018 core earnings of up 2-6% versus growth of 51% and 28% in FY16/17. Albert views management's 2020 earnings target of $12 as "ambitious," and even if it is achieved, would represent peak earnings, which deserves a lower multiple.
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