UPDATE: Wedbush Reiterates Outperform Rating, Raises PT on Fifth & Pacific Companies Following Kate Spade Analyst Day

In a report published Monday, Wedbush analyst Corinna Freedman reiterated an Outperform rating on Fifth & Pacific Companies

, and raised the price target from $20.00 to $22.00. In the report, Freedman noted, “We attended the Kate Spade analyst day on Friday in NYC, the first of three events held by FNP to highlight each of its brands. We did not anticipate a significant shareholder value-enhancing announcement this year and we continue to believe that a potential rollout/IPO of the Kate Spade brand is more likely to be a 2014 event. The analyst day was well-attended as interest in the shares remains high. We believe the shares can continue to work higher despite fears of a discretionary pullback and we reiterate our OUTPERFORM rating.” Fifth & Pacific Companies closed on Friday at $18.80.