| 2017-10-11 06:41:50|
CHS 06:41 10/11 10/11/17
Chico's downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill analyst Lorraine Hutchinson downgraded Chico's to Underperform and cut its price target to $7.50 from $8.50 saying the premium multiple is unwarranted. The analyst still expects operating margin declines due to weak sales and promotional pressures and said the recent run in shares is a function of a broader retail rally rather than improving fundamentals.