True Religion slumps after weak forecast; analysts cut ratings

True Religion slumps after weak forecast; analysts cut ratings

Stock Market Predictions

(Global Markets) - Shares of denim maker True Religion Apparel Inc (TRLG.O) lost as much as a quarter of their value on Friday after the company forecast weak 2012 results, prompting at least two brokerages to downgrade the stock.

Citigroup cut True Religion to "neutral" from "buy," and said the company's international business would weigh on earnings over the next year.

On Thursday, the company, which sells its namesake jeans for as much as $300 in specialty boutiques and upscale department stores, reported a lower-than-expected quarterly profit.

Benchmark also downgraded the stock to "hold" from "buy."

True Religion shares fell to $27.57 on Friday on the Nasdaq.

(Reporting by Mihir Dalal in Bangalore; Editing by Joyjeet Das)