Markets & Finance

Wachovia Keeps 'Buy' on Bebe Stores

Wachovia keeps its buy rating on Bebe Stores (BEBE).

Analyst Joseph Teklits says that although president and chief operating officer John T. Parros is resigning from the company, Parros has been surrounding himself with other key hires and managers since joining the company in November 2000. Teklits adds that the founder, CEO and chairman Manny Mashouf also continues to play an active role in merchandising.

Teklits notes that Bebe's transition into a new distribution center and headquarters building, as well as to new design and production studios in Los Angeles, have been completed. He also says Parros' departure can be dealt with in a smooth manner. At this time, he doesn't think Bebe will seek replacement.

Teklits has a $28 target.

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