UPDATE: Piper Jaffray Upgrades Tilly's to Overweight, Raises PT Following Independent Datapoints, Recent Management Meeting

In a report published Wednesday, Piper Jaffray analyst Stephanie S. Wissink upgraded the rating on Tilly's TLYS from Neutral to Overweight, and raised the price target from $14.00 to $16.00. In the report, Piper Jaffray noted, “Following a series of independent datapoints as well as a recent meeting with management, we have increased confidence that TLYS is navigating ongoing retail volatility with strong operating discipline, inventory management, and margin preservation. Estimates for the next couple of quarters appear reasonable, with comp rates in the flat to +LSD range. Modest deleverage is anticipated, but looks widely priced into shares. New stores are following historic maturity curves, supporting mid-teens unit growth. Our estimates are unchanged and we are raising our multiple from 15x to 17x and price target from $14 to $16 to align with combined new unit and comp growth rates.” Tilly's closed on Tuesday at $13.67.
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Posted In: Analyst ColorUpgradesAnalyst RatingsPiper JaffrayStephanie S. Wissink
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