UPDATE: Brean Murray Carret Reiterates Buy, $4 PT on The Wet Seal Following In-Line June Comps

Brean Murray Carret reiterated its Buy rating and $4 target price on The Wet Seal

as June comps came within the range of expectation despite a tough month for the sector. Brean Murray Carret comments, "We reiterate our Buy rating, $4 target price and estimates, after WTSLA reported June same-store sales slightly below Street consensus, but within our range; we note June was one of the toughest comp comparisons of last year. As expected, a continued, aggressive promotional atmosphere at both Wet Seal and Arden B. in order to clean excess inventories for the Backto-School/Fall transition season drove June's comp decline." The Wet Seal closed at $3.28 on Tuesday.