UPDATE: Piper Jaffray Upgrades Finish Line to Neutral, Raises PT on More Favorable Outlook

In a report published Friday, Piper Jaffray analyst Sean P. Naughton upgraded the rating on

from Underweight to Neutral, and raised the price target from $19.00 to $21.00. In the report, Piper Jaffray noted, “We are upgrading shares of FINL to Neutral and raising our price target from $19 to $21 as we have a more favorable outlook for the Macy's initiative, and easing comparisons set the stage for improving same-store sales. Since our initiation, Macy's has announced two initiatives that we believe will drive incremental traffic to stores and thus benefit Finish Line's shops and reduce the likelihood of the bear case playing out. With easing comparisons in the second half of the year for the core business and improving commentary on running from competitors, we believe the risk/reward profile is more balanced and believe a Neutral rating is more warranted at this time.” Finish Line closed on Thursday at $21.82.