Fly News Breaks for December 12, 2019
Dec 12, 2019 | 09:16 EDT
Wedbush analyst Jen Redding downgraded Children's Place to Neutral from Outperform with a price target of $60, down from $130. In a research note to investors, Redding says that while she sees Children's Place as a "strong" value story, she has less visibility into the company's margin turnaround given that the mix between e-commerce and brick & mortar stores has turned out to be a more material drag on gross margin than we originally anticipated. Although stable merchandise margins demonstrated in Q3 ndicate that the promotional atmosphere is heightened but controlled, Redding says she now sees the structural factors driving e-commerce to a higher percentage of sales as enough to depress gross margin and keep shares grounded in the near-term.
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