Fred's (NASDAQ:FRED) Needs to Prove Turnaround Says Wedbush

Fred's Inc. (NASDAQ:FRED) needs to prove they've turned the quarter, and it should be accomplished during this Christmas season says Wedbush.

Wedbush reiterated their "Underperform" rating on the retailer until they are able to do that.

Earnings estimates for full year 2011 are $0.90.

Fred's has been trading at right aroung the $13 price target Wedbush has on them, which was increased from $12 a share.