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Fly News Breaks for January 22, 2020
Jan 22, 2020 | 14:51 EDT
Wedbush analyst Jen Redding notes that shares of Express gained double digits as the company announced the levers behind returning the business to +MSD operating margin at its strategic update with investors and analysts in New York City. The analyst adds that Express also narrowed guidance for Q4 EPS. Sending shares higher was commentary that the new styles and product that Express was able to purchase this quarter saw "phenomenal" customer response almost selling out entirely, Redding points out. The analyst has confidence in CEO Timothy Baxter and comes away from the strategic update "incrementally positive" on the long-term value story. Nonetheless, she remains on the sidelines for now awaiting further success with product and continued same-store sales momentum. Redding has a Neutral rating and $5 price target on the shares.
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