Coldwater Creek (CWTR) Surges on Piper Jaffray Buy Recommendation
Shares of Coldwater Creek (Nasdaq: CWTR) are catching a bid today following a Piper Jaffray Buy recommendation this morning. The stock is currently up more than 12% to $6.06 on more than three times normal average daily volume.
The Piper analyst initiated coverage on the retailer, also setting a $9 price target. The firm pointed out that near-term pressure on the stock driven by a smaller-than-expected earnings revision could create "a unique opportunity to purchase CWTR ahead of what we believe will be significant upside relative to current expectations in the second half of 2009."
Even with today's doubled-digit percentage move higher, Piper's price target still represents potential upside of nearly 50% from current levels.
Click here to see all the market-moving analyst upgrades/downgrades on shares of Coldwater Creek.
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