UPDATE: Sterne Agee Initiates Fifth & Pacific Companies at Buy; Turnaround is Compelling

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Sterne Agee initiated coverage on Fifth & Pacific Companies (NYSE: FNP) with a Buy rating and a $26.00 price target.Sterne Agee commented, "As our Top Pick, we believe FNP is a very compelling turnaround story (rare in today's later-cycle, fully recovered group), with a drastic streamlining of the business helping position the company for rapid growth. We believe improved top- and bottom-line performance will be driven by the remarkably strong kate spade concept and an ongoing turnaround at its Lucky Brand segment. We also believe that management has numerous strategic alternatives available to them, including shedding its non-kate spade assets which could help unlock shareholder value."Fifth & Pacific Companies closed at $17.85 on Friday.

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