UPDATE: Piper Jaffray Initiates Carter's with Neutral on Multiple Positive Factors

In a report published Wednesday, Piper Jaffray analyst Stephanie S. Wissink initiated coverage on Carter's CRI with a Neutral rating and $65.00 price target. In the report, Wissink noted, “We think shares are fairly valued for current visibility into the balance of the year and expectations for ongoing outperformance, which we think is likely given management's conservative outlook, stable underlying demand, and ongoing shift in business mix to (ultimately) higher margin direct to consumer channels, international geographies, and merchandise categories. Our $65/share price objective is based on 17x FY14E EPS, a slight premium to the blended group multiple at 15x due to expected earnings upside.” Carter's closed on Tuesday at $66.11.