UPDATE: Wedbush Securities Assumes Coverage on Jamba, Inc. with Outperform Rating, $18 PT on Favorable Outlook

In a report published Thursday, Wedbush Securities analyst Phil Terpolilli assumed coverage on

with an Outperform rating and $18.00 price target, up from $15.00. In the report, Wedbush Securities noted, "We are assuming coverage of JMBA with an OUTPERFORM and $18 target price. On the one hand, Jamba's results have admittedly been choppy over the last several years, likely hindered by execution, structural pressure on the company's core smoothie business, and consistent shift in strategies. However, we believe the company has set itself up to experience material sales/earnings growth in FY15/16 from a strategic focus on non-smoothie product innovation and its asset-light refranchise strategy. Given current store growth rates and using median peer valuation, we believe JMBA shares are attractive into 2H15." Jamba, Inc. closed on Wednesday at $14.95.