Brean Murray Carret & Co. Upgrades True Religion Apparel (TRLG) to Buy; Value Too Deep Under $26/Share

Brean Murray Carret & Co. upgraded True Religion Apparel (NASDAQ: TRLG) to Buy with a price target of $32.00.

Brean analyst said, "We believe current valuations of 11.6X our 2013 EPS (or less than 8X on a cash adjusted basis) assume that no progress is made in 2012 on a number of fronts and that the company remains an underachiever. Frankly, we believe, even if this scenario occurs, that the valuation for this cash rich player remains highly conservative; further, we believe True Religion remains a dominant player in the men’s denim arena and that the potential for a turn at the department store level and a margin revival in the international segment also adds upside potential. Finally, although not in our projections, we believe the potential for a material share repurchase program is higher than ever."

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 $25.59 yesterday.

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