UPDATE: Piper Jaffray Initiates Coverage on Tilly's

According to a research report published this morning, Piper Jaffray has initiated Tilly's

with an Overweight rating and $20 PT. In the report, Piper Jaffray commented, "We are initiating coverage of TLYS with an Overweight rating and $20 price target tied to our belief that Tilly's is a compelling growth specialty retailer, adding new stores at an annual rate of 15%, in a relevant Action Sports category. Our research suggests the Action Sports category remains top of mind with teens and young adults. In our Spring 2012 national teen survey, Tilly's ranked No. 2 among all Action Sports brands in our unaided upper-income and average-income surveys. This level is the highest achieved in our survey's history." Tilly's closed Friday at $17.40.