PLCE - Children's Place drops after Citi cuts to sell as shoppers go elsewhere

Children's Place (PLCE) fell 2.7% in premarket trading after Citi cut to sell from neutral, saying the company is suffering as share in children's apparel moves to off-mall."While stimulus should be a tailwind to sales, we note that comps were very weak in F20, which we believe shows that even with stimulus money in their pockets, PLCE’s core customer is choosing to shop elsewhere (mass retailers/online," Citi analyst Paul Lejuez writes in note.PT raised to $50 from $42.Recall Dec. 11, Odeon's mall checks point toward uncertain holidays - with digital-focused essential retailers still winning.

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Children's Place drops after Citi cuts to sell as shoppers go elsewhere