Citi Trends price target lowered to $28 from $32 at Craig-Hallum

Craig-Hallum analyst Jeremy Hamblin lowered the firm’s price target on Citi Trends to $28 from $32 and keeps a Buy rating on the shares. The firm notes Citi Trends delivered somewhat disappointing Q3 results that included misses on sales and profitability as store traffic remained challenged against a tough macro backdrop and unseasonably warm weather. Trends have improved to start Q4 but appear to be tracking slightly below Craig-Hallum’s prior forecast and FY23 sales and Adjusted EBITDA guidance were lowered.