KeyBanc Upgrades True Religion Apparel (TRLG) to Hold on Possible Sale

KeyBanc upgraded True Religion Apparel (NASDAQ: TRLG) from Underweight to Hold after the company said it is for sale.

"Comps have decelerated to +2.4% in 2Q12 and the Company has undergone a number of fashion missteps. More importantly, we question the relevancy of the brand, particularly given its premium price point," the firm comments. "However, with $7.95/share in cash and at 4.0x 2012 EV/ EBITDA compared to 8.3x EV/EBITDA for the apparel peer group, the asset could be interesting to an acquirer and we move to HOLD accordingly."

For an analyst ratings summary and ratings history on True Religion Apparel click here. For more ratings news on True Religion Apparel click here.

Shares of True Religion Apparel closed at $21.01 yesterday.

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