NEW YORK (TheStreet) -- Express  (EXPR - Get Report)  stock price target was reduced to $13 from $14 this morning at BMO Capital Markets following the company's "disappointing" 2016 second quarter results. 

Before Wednesday's opening bell, the Columbus, OH-based retailer reported earnings of 13 cents per share, below Wall Street's estimated 17 cents per share. Revenue came in at $505 million and was lower than analysts' projections of $521 million. 

The firm attributed Express' slump in sales to weaker traffic and an over-assorted product offering, among other factors.

BMO said Express "cast too wide of a net" for its target demographic, which saw heightened interest from 18 to 21-year-olds, but reduced interest from the 20 to 30-year-old customer. 

Express' cost savings initiative should help lift margins over the longer term, the firm added. 

Additionally, Nomura lowered its price target to $14 from $17 on the stock this morning, saying its results for the most recent quarter indicate it's a "mall-dependent, volatile fashion retailer" and that management is fully responsible for driving comparable-store sales higher. 

The firm maintained its "buy" rating on Express stock. 

Shares of Express were higher in late-morning trading on Thursday.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate EXPRESS INC as a Hold with a ratings score of C+. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels and growth in earnings per share. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow, a generally disappointing performance in the stock itself and unimpressive growth in net income.

You can view the full analysis from the report here: EXPR

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