Ryan Beck Ups Christopher & Banks
Ryan Beck upgraded Christopher & Banks (CBK ) to outperform from market perform.
Analyst Margaret Whitfield said the company traded at its yearly low Wednesday, closing down 6.3%, perhaps due to a downgrade from another analyst. While she regards the company's moderate channel consumer as vulnerable to higher energy costs, she notes the company's improved fall line and the addition of new members to its management team. She adds that management recently said improvement in merchandise margins is expected to continue throughout October, and inventories appear well controlled. She keeps her 80 cents fiscal year 2006 (ending February) earnings per share, and her 95 cents fiscal year 2007 estimates. She also has an $18 price target.