UPDATE: Benchmark Upgrades Pep Boys Manny, Moe & Jack to Buy on Improving Environment

Benchmark raised its rating on Pep Boys Manny, Moe & Jack PBY from Hold to Buy and increased its price target from $10 to $12. Benchmark said, "We believe an improving tire profit environment and a possible debt refinance could provide catalysts for earnings improvement, despite weakness on discretionary items. We believe the tire profit margin environment has started to show improvement with further improvement coming in Q4. The balance sheet is strong, as the Company builds cash to pay down and refinance debt." Pep Boys Manny, Moe & Jack closed at $9.85 on Thursday.