UPDATE: Brean Murray Reiterates Buy Rating, Raises PT on New York & Company

In a report published Wednesday, Brean Murray, Carret & Co. reiterated its Buy rating on New York & Company

, and raised its price target from $4.50 to $6.00. Brean Murray noted, “Given the strength in performance in 2QFY13, we believe New York & Company's management team has not only gained the knowledge they needed to transition the model, but have applied the information received to the day‐to‐day operations which in return, have been driving positive momentum. In addition, as the focus on the key areas of the business remains consistent, we believe that the company can reach its historic high single‐digit operating margins in the longer term. We remain buyers of NWY.” New York & Company closed Tuesday at $4.29.