UPDATE: Citi Raises Price Target on Aeropostale to $20

According to Citi, Aeropostale

price target is raised to $20. Citi said that it is raising its 1Q estimate to $0.13 (from $0.07) driven by slightly better comps and better gross margins, though still negative. “We are raising our price target to $20, 15x our new 2012 estimate. A 15x multiple is justified, in our view, given the margin recovery story we see playing out over the near to mid term.” Aeropostale closed yesterday at $18.46.