UPDATE: Barclays Increases Stage Stores' PT

In a recent report published on Friday, Barclays reiterated its Equal-weight rating on Stage Stores

while raising its price target to $20. Barclays stated in the report, "Gross margin exceeded our expectations, increasing 80 bps to 30.2%, driven by a25 bps increase in merchandise margin, and 50 bps of leverage in buying occupancy and distribution costs. Total inventories were up 10.9%, and 7.7% on a comp basis, driven by an acceleration of back to school to inventories and investments in basic commodity items such as underwear, socks, and intimate apparel. We expect gross margin upside to continue in 2H12 driven by AUR's up single digits in the fall and benefits from lower cotton costs flowing through COGS." Stage Stores traded around $20.45 Friday, up over 47 percent year-to-date.