Wall Street Lifts Express

Specialty apparel and accessories retailer, Express Inc EXPR reported a net income for quarter two of $21 million ($0.25 per diluted share) before Wednesday’s market open. The clothing giant reported a net income of only $6.9 million in the same quarter of 2014. Analysts were expecting, on a per share basis, earnings of $0.16.

Net sales for Express increased 11 percent to $535.6 million while analysts had expected revenues of $504.8 million. The company attributes its growth in sales and income to a reduction in clearance/promotion items and to better products.

Express increased its full year guidance on earnings to a range between $1.23-$1.30 per share while its previous estimates ranged between $1.11-$1.22 per share. Shares quickly rose to 19 percent in Wednesday’s trading session as Express tripled its profits.

Wall Street analysts tweaked their price targets after the big report:
UBS Securities: Analysts maintained a Neutral rating but increased shares from $19 to $22.
SunTrust Robinson Humphrey: Maintained Neutral rating, upped price target from $18 to $21.
Brean Capital: Reiterated a Buy rating, price target increased from $23 to $25.
Mizuho Securities: Reiterated a Buy rating, increased price target from $21 to $24.
Susquehanna Bank: Maintained a Positive rating, upped price target from $21 to$24.

SUMMARY: 3 maintained, 2 reiterated ratings; new price target range of $18-$25.