Brean Murray Boosts Price Target, Estimates on True Religion (TRLG)
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Brean Murray reiterating their Buy rating and raised their estimates and target price on True Religion Apparel Inc. (Nasdaq: TRLG) after hosting a series of institutional investor meetings with management last week. The new price target is $30.
The firm said, "We believe the company continues to drive sales with a continuing slew of new products and categories, which has been compounded by the further rollout of company-owned stores; we note the opening of the Boston store last week resulted in True Religion achieving our projected store openings for 2Q08. We continue to believe there remain numerous upside drivers for the company in 2008 and 2009; as such, we feel comfortable taking a more aggressive tack on both our estimates and target price. Our new $30 target price translates to 15.1x our 2009 EPS forecast; frankly, as the mix shifts toward more retail revenue, we believe the multiple for TRLG will increase."
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