Torrid shares hold as Jefferies raises target
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Jefferies has raised its price target for Torrid Holdings Inc (NYSE:CURV) to $4.80 from $4.00, while maintaining a Hold rating on the stock. Torrid's fourth-quarter earnings exceeded expectations, with revenue and adjusted EBITDA surpassing estimates. The company's gross margins expanded by 250 basis points year-over-year due to reduced product costs and a more disciplined approach to markdowns. Although Torrid's outlook for the first quarter and full fiscal year was slightly below market expectations, the fourth-quarter results were seen as a positive development. Jefferies views the fourth-quarter performance as a step in the right direction for Torrid.
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