Citi Trends price target lowered to $25 from $27 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Citi Trends to $25 from $27 and keeps a Hold rating on the shares. The firm notes Citi Trends delivered Q1 results that were in-line with the preliminary update released on May 31st, including slight misses on sales and adjusted EBITDA. Craig-Hallum views the results as somewhat disappointing given the fact that the company was lapping the easiest comps of FY24, and that increased importance is placed on Q1 due to the historical seasonality of tax refund impact.