As previously reported yesterday, Craig-Hallum downgraded Citi Trends to Hold from Buy with a price target of $27, down from $28, following Q4 results. The firm viewed Q4 results and FY24 guidance as “mixed,” with same-store sales upside offset by margin downside. Given that SG&A investments will be greater than expected in FY24 and gross margin improvement will be less than expected, as well as the significant runup in the stock over the past nine months, the firm believes shares could be range-bound.
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