UPDATE: Miller Tabak Raises PT on Carter's Following Recent Market Rally
In a report published Friday, Miller Tabak analyst Susan R. Sansbury raised the price target on Carter's (NYSE: CRI) from $60.00 to $65.00.
In the report, Sansbury noted, “We are raising our target price to $65 from $60 largely based on the combined effects of the recent market rally and our latest earnings power estimate in a range of $4.70 to north of $5.00 a share should the company achieve its 14-15% margin goal over the next several years. Our target price is based on the lower end of a 12-15 P/E multiple on that earnings power or a 16.6 P/E multiple on our 2014 EPS estimate of $3.90 a share, which is consistent with the mid-point of the historical range.”
Carter's closed on Thursday at $60.69.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.