UPDATE: Wedbush Raises PT to $34 on Medifast on Increased Management Confidence

Wedbush reiterated its Outperform rating on Medifast

and raised its price target from $26 to $34. Wedbush noted, "In meetings with investors last week, management reiterated its previously announced plans to grow sales to $1 billion, for which, detailed plans to achieve this goal will be announced later this year, and noted it was exploring several alternative opportunities to quickly penetrate new markets in both the U.S. and internationally. Growth will be aided by the company's brand-building efforts, such as national radio advertising during Notre Dame football games this fall. Management also plans to improve the profitability of each business, with a sharp improvement in weight control center profitability already displayed in Q2." Medifast closed at $28.52 on Friday.