CIBCRaises Aritzia Price Target $7 (23%) to $37 Aritzia Upgraded to Outperformer at CIBC
MIDNIGHTTRADER - Updated 1 hour ago
07:24 AM EST, 01/11/2024 (MT Newswires) -- Aritzia Inc. (ATZ.TO) was upgraded to Outperformer from Neutral at CIBC Capital Markets on Thursday.
Analyst Mark Petrie raised his price target on shares of the Vancouver-based women's fashion brand to $37 from $30.
"Q3 results were ahead of expectations and brought a return to positive (albeit slightly) same-store sales (SSS) growth," Petrie said in a note to clients.
"Aritzia is delivering growth despite execution issues and consumer caution, and has numerous levers into F2025 and beyond," the analyst said.
"New store paybacks remain excellent. While we expect consumer spending to remain under pressure, we believe ATZ can outperform given moderated expectations," Petrie said.