Citigroup downgraded ASNA from Neutral to Sell with a price target of $3.00.
The analyst comments “In short, the company has too many concepts with too many stores in a world increasingly moving to Ecom. They are behind the curve on omnichannel investment, which is likely to be a continued drag on margins, creating a structural headwind. And we don’t see a path to success, as sales have been extremely weak during non-peak periods, store closings are moving slower than we would like to see, and high debt levels may limit their flexibility.”
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