Citi upgrades Signa Sports to Neutral, drops coverage

Citi upgraded Signa Sports to Neutral from Sell with a price target of 32c, down from $1.90. The firm also discontinued coverage of the name citing a reallocation of coverage resources. With the stock down over 90% since early July, the analyst views the current enterprise value of Signa Sports as having a neutral risk/reward. The company has large insider ownership and assets which should have some value in a sale, the analyst tells investors in a research note.