UPDATE: Piper Jaffray Upgrades Citi Trends to Neutral

According to Piper Jaffray, Citi Trends

is upgraded to Neutral. Piper Jaffray said that it is upgrading shares of CTRN from Underweight to Neutral following better than expected FQ1 results. “We are raising our price target from $9 to $14 based on 12x FY14 EPS of $0.69 plus $6/share in cash and investments.” Citi Trends closed yesterday at $14.15.