UPDATE: Piper Jaffray Upgrades Kirkland's to Overweight

Piper Jaffray is out with its report today on Kirkland's

, upgrading KIRK from Neutral to Overweight. In its report, Piper Jaffray writes, "We are upgrading KIRK from Neutral to Overweight and raising our PT from $10 to $16 following updated FQ3 guidance. Kirkland's continues to demonstrate its ability to execute despite concerns about a struggling consumer, and management now expects to report a profit in FQ3 versus our prior estimate of a loss." Shares of KIRK closed Thursday at $11.46, up 1.87% from Wednesday's close.