Piper Jaffray Reiterates Neutral, $54 Target on Warnaco Group

In a published note, Piper Jaffray maintains its Neutral rating and $54 target price on Warnaco Group

as Asia remains a great opportunity for the company. Piper Jaffray comments, "By the end of this year, China will have a total of ~420 CKJ and CKU stores of which ~130 are owned by WRC and the balance operated by partners. We believe management can achieve its goal of $400M by 2015 through a combination of 1) new door growth focused on tier 3-6 cities, 2) acquiring existing partner stores, 3)positive comp store sales, and 4) expansion of the CK Accessories business." WRC closed at $48.77 per share on Friday.