Tilly's continues slide, down 22.5% pre-market after downgrades

Tilly's (TLYS) shares continue a slide begun in AH trading yesterday, and have now fallen 22.5% in pre-market trading. The plunge began after yesterday's Q3 report and mediocre Q4 guidance.

Goldman Sachs, SunTrust, and William Blair have all downgraded shares to Neutral.

Goldman analyst Lindsay Drucker slashed her PT to $12 from $17 along with the downgrade, observing "Our bullish view had been based on our belief that TLYS' rapid sourcing supply chain gave stores an advantage in driving comp sales and gross margins relative to peers. Following another quarter of weak comps, we no longer have confidence in this view."

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