UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Michaels Companies Inc. on 4Q14 Results

In a report published Friday, Deutsche Bank analyst Mike Baker reiterated a Buy rating on

, and raised the price target from $30.00 to $32.00. In the report, Deutsche Bank noted, "First, near term trends are being impacted by currency, west coast port issues and weather. These are having nearly a $0.02 impact to 1Q and are the difference between the guidance and consensus. Second, we think MIK has several opportunities in areas like merchandising and store refreshes and remodels, to continue to drive sales and margins, even from the current 14% level. Third, we think that the latest results and 2015 guidance put MIK squarely in line with our long term earnings growth view, which would make MIK undervalued relative to other retailers. Our price target goes to $32 from $30 and we maintain our Buy rating." Michaels Companies Inc. closed on Thursday at $29.42.