UPDATE: Piper Jaffray Upgrades Coldwater Creek to Overweight on Apparel Comeback

Piper Jaffray raised its rating on Coldwater Creek (NASDAQ: CWTR) from Neutral to Overweight and increased its price target from $1 to $2. Piper Jaffray noted, "We are upgrading our rating on CWTR shares from Neutral to Overweight, believing as we do that apparel is making a comeback in the hearts and wallets of women at a time when CWTR is affecting their own path of progress. We believe CWTR is very likely at least in line with their originally stated guidance, if not better, as evidenced by improved product, disciplined promotions, and an increasing loyalty fan base. We remind investors that CWTR is within days of affecting a 4-for-1 reserve split."Coldwater Creek closed at $0.83 on Friday.