By  on June 10, 2008

Chico's FAS Inc. was upgraded by Citigroup on Monday to "hold" from "sell," even though the investment bank does not foresee the stock moving in either direction and expectations are already low due to weak fundamentals.

"We do not see a near-term catalyst to move the stock in either direction as fundamental concerns over sales and margin declines are likely discounted in Chico's shares at this price," said Kimberly Greenberger, retail analyst at Citigroup.

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