UPDATE: Benchmark Upgrades True Religion Apparel

According to a research report published earlier today, Benchmark has upgraded True Religion Apparel

from Neutral to Buy. In the report, Benchmark said, “We believe spring fashion has been well received with lots of color, even colored denim. While we believe the unseasonably warm and dry weather has provided a significant lift to spring apparel, we believe this color denim trend has legs. We have noticed that the Saks denim department has expanded its jean offerings. Saks had cut their denim department to about 50% jeans and 50% tops and related items. On recent visits, it appears to us that Saks has expanded the jean portion of the denim department with the addition of color. We have also noticed other department stores, specialty retailers, and websites highlighting this trend.” Benchmark maintains its $32 PT on True Religion, which closed Friday at $26.32.