Citigroup Reports on Coldwater Creek

Citigroup commented on Coldwater Creek CWTR in a report released today. In the report, Citigroup was mixed in its assessment of the company. Citigroup writes, "Summer deliveries hit the stores in early April and 2Q sales are off to a rocky start with a continued slump in traffic a key issue. August deliveries offer the next chance for an inflection in trend but higher costs for 2H add an element of risk as CWTR cycles historically high markdowns. CWTR plans to lower SG&A across the remainder of 2011 but that won't be enough to offset a significant loss, in our view. We're projecting a loss of ($1.00) for 2011 vs LY's ($0.45) loss." Citigroup currently has a Hold rating on CWTR and a target price of $2. Shares of CWTR closed at $1.83 on Wednesday, down 2.66% on the day.