Miller Tabak Raises Price Target on The Childrens Place (PLCE), Bullish Ahead of Holiday Season

Miller Tabak is reiterating its Buy rating on shares of The Childrens Place (NASDAQ: PLCE) and is increasing its price target from $53 to $60 as the firm believes $4.00-$4.50 in earnings power is still achievable.

The firm notes that Black Friday weekend will be a major catalyst for retail investors and companies. Holiday shopping started relatively strong this month with slightly cooler weather coming in then backing off.

Miller Tabak reports, "The initial Retail Metrics Street consensus forecast of plus 2.9 percent is at the low end of the ICSC’s comparable estimate calling for a 3.0 to 3.5 percent gain excluding fuel sales."

For FY11 and FY12, the firm is forecasting earnings of $3.25 and $3.60.

For an analyst ratings summary and ratings history on The Childrens Place click here. For more ratings news on The Childrens Place click here.

Shares of The Childrens Place closed at $53.54 yesterday.

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