Wedbush Maintains Neutral on Fred's (FRED)

Wedbush is out with its report today on Fred's (NASDAQ: FRED), maintaining Neutral.

In a note to clients, Wedbush writes, "Fred's is executing a successful turnaround through implementing a number of new initiatives to differentiate Fred's for the near and long term. The 'Core Five' program highlights trip-driving (and higher margin) merchandise categories: pet, celebration, home, household supplies and pharmacy. The company is also introducing more national brands and expanding its private label. Fred's is resetting stores to accommodate these changes and sprucing up its marketing to increase brand awareness and drive traffic. We believe Fred's is well positioned with its convenience orientation should higher gas prices impact shopping trips."

Wedbush has a $14 PT on FRED.

Shares of FRED closed Thursday at $13.06, up 1.32% from Wednesday's close.