CTRN - Citi Trends drops 13% Craig-Hallum cuts PT to $34

Citi Trends (NASDAQ:CTRN -14.4%) downgraded to Hold from Buy by Craig-Hallum analyst Jeremy Hamblin. PT lowered $34, down from $80, comes right ahead of Q1 results expected to be out on May 24. Analyst cites that inflationary pressures are hampering core company customer in an outsized manner and these pressures are unlikely to abate for the remainder of 2022 with guidance likely to fall. Analyst mentions in the research note that he continues to believe in the story long-term and the positive changes made under new management but he believes the narrative on the stock is likely to dominate performance as much as fundamentals. The stock has seen a decline of 73% over the last one year and has a market cap of $241M.

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Citi Trends drops 13%, Craig-Hallum cuts PT to $34