Janney Upgrades Pacific Sunwear of California (PSUN) to Buy, Sees More than 100% Upside

Janney Montgomery Scott upgraded Pacific Sunwear of California (NASDAQ: PSUN) from Neutral to Buy with a price target of $4.00.

The firm cited: 1) positive inventory inflection point in 3Q11, 2) potential for sustainable positive comps over the next 12 months, 3) improved productivity and profitability as a result of the real estate rationalization, and 4) high reward (albeit high risk) investment opportunity. We recommend shares of PSUN for small cap value investors that are seeking increased exposure to a high beta/speculative play, or simply for those investors who can tolerate greater risk in their portfolios by betting on a retail turnaround

For an analyst ratings summary and ratings history on Pacific Sunwear of California click here. For more ratings news on Pacific Sunwear of California click here.

Shares of Pacific Sunwear of California closed at $1.66 yesterday.

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