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Wedbush Raises Estimates on Charlotte Russe

Wedbush Morgan raised its estimates and target price on Charlotte Russe (CHIC), and reiterated its buy opinion on the shares.

Analyst Adrienne Tennant says strong channel checks suggest that the company's business is improving; she believes third quarter EPS (expected to be reported July 21) should exceed current expectations. Tennant notes that fashion trends such as the Bohemian look and denim continue to provide strong opportunities for the fourth quarter and into fiscal 2006. She also says the company's Rampage business has improved dramatically, which should limit or even eliminate its drag on overall earnings. The analyst raised her third quarter EPWS estimate from 15 cents to 20 cents, her 44-cent forecast for fiscal 2005 (ending September) to 50 cents, and her 62-cent forecast for fiscal 2006 to 71 cents. he also hiked her $13 target price to $16.

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