Wedbush Ups Price Target on True Religion (TRLG) to $34

August 7, 2008 1:30 PM EDT

Wedbush Morgan raises its price target on True Religion Apparel (Nasdaq: TRLG) from $29 to $34. The firm reiterates its Buy rating on the stock.

Despite a strong Q2 beat and raised guidance, the firm believes True Religion's management is still being conservative with its estimates. Keeping this in mind, Wedbush says it is now even more confident in True Religion's story.

Wedbush raised its FY08 and FY09 EPS estimates from $1.59 and $2.02 to $1.68 and $2.13, respectively. The Street estimates are currently $1.57 for FY08 and $1.91 for FY09. Notably, Wedbush believes shares of True Religion could move higher than its raised price target, "given the momentum in the business..."

True Religion Apparel, Inc., together with its subsidiary, Guru Denim, Inc., engages in the design, development, manufacture, marketing, distribution, and sale of apparel in North and South America, Asia, Africa, Europe, and Australia.

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