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Piper Jaffray raised its rating on Big 5 Sporting Goods
BGFV and increased its price target from $8 to $12.
Piper Jaffray commented, "We are upgrading BGFV from Neutral to Overweight and raising our price target from $8 to $12 as improving comp trends and a depressed margin structure set the stage for accelerated earnings growth in the second half of 2012 and into 2013. … As merchandise margin and SG&A leverage both continue to expand, we believe operating margins need only recapture half of the decline from the prior peak of 8.2% (vs. 2.1% in 2011) to drive earnings power of $1.50 over the next several years."
Big 5 Sporting Goods closed at $8.52 on Friday.
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