Seeking Alpha

Janney reiterates Buy on PacSun as shares slip

  • Janney is out with a note on Pacific Sunwear (PSUN -5.6%) following the retailer's Q2 results.
  • Analyst Adrienne Tennant says comps growth of 3% looks pretty good versus expectations and considering the environment — we said as much here Thursday.
  • Like Wedbush's Betty Chen, Tennant believes the company's "California-lifestyle" point of view is a good product strategy.
  • The quarterly results "highlight the success of dramatic changes that have taken place in the women’s business including building a new team, aging up the customer and transforming the merchandising from a tween or young teen to attract a much more fashion-savvy 17 to 24 year old," Tennant adds.
  • Buy rating reiterated, price target is $6.
  • More: Earnings, Q2 highlights, CC transcript
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