UPDATE: Piper Jaffray Upgrades Ralph Lauren to Overweight on Growth Positioning

Piper Jaffray raised its rating on Ralph Lauren

from Neutral to Overweight and increased its price target from $158 to $182. Piper Jaffray noted, "It is our view that we are in an apparel replenishment cycle and we believe this new cycle is ushering in a new uniform which we are defining as a "preppy, refined classics" look. Given the strength of the Ralph Lauren brand across multiple lifestyle categories in addition to its iconic brand DNA that is rooted in authentic American heritage and refined classics, we believe RL is positioned to gain disproportionate share in this cycle. … We believe RL shares warrant a premium multiple given that it is a best-in-class lifestyle brand that is benefiting from growth across multiple categories, multiple geographies and continued retail expansion." Ralph Lauren closed at $156.30 on Tuesday.