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Citigroup Starts Aeropostale at Buy

Citigroup started covering Aeropostale (ARO) with a buy.

Analyst Kimberly Greenberger cited the company's compelling turnaround story, given its attractive valuation, depressed margins, competitive price positioning, strong balance sheet, and solid management. She believes the company's strategy to add a small fashion component to the assortment and update the store environment offers compelling catalysts. She also believes Aeropostale will likely continue to experience weak merchandise margins through the fourth quarter, but she thinks that the challenging near-term fundamentals are adequately discounted given the stock's 45% decline since July. She set a $26 12-month target price on the stock.

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