Piper Jaffray Neutral On Chico's FAS (CHS)

Piper Jaffray is reiterating its Neutral rating and $13 price target on shares of Chico's FAS CHS after the company hosted its Analyst day. In a note to clients, Piper Jaffray writes, "We are reiterating our Neutral rating on CHS shares following the company's two-day analyst event in Ft. Myers, FL. With more than 90% of CHS's sales tied to its loyalty program (i.e. likely using a coupon), we continue to believe that CHS may experience unanticipated underperformance should a broader rollout of a reduction in couponing be employed." Shares of CHS lost 9 cents yesterday to close at $13.65, a loss of 0.66%.