UPDATE: Ascendiant Capital Initiates Coldwater Creek with Buy on Positive Key Changes

In a report published Friday, Ascendiant Capital analyst Elizabeth Pierce initiated coverage on Coldwater Creek

with a Buy rating and $4.00 price target. In the report, Pierce noted, “We believe recent results mask the underlying changes taking place at Coldwater that position it for a brighter future. Key changes include new leadership, a more disciplined merchandise strategy, a real estate optimization program and strict expense control. Moreover, the company's target customers represent a compelling demographic base that has largely been underserved by the retail community. Accordingly, we believe the stage is set for meaningful top and bottom line growth.” Coldwater Creek closed on Thursday at $3.49.