UPDATE: Goldman Sachs Upgrades Quiksilver to Buy, Raises PT

In a report published Friday, Goldman Sachs Group upgraded its rating on Quiksilver

from Neutral to Buy, and raised its price target from $4.00 to $6.50. Goldman Sachs noted, “We are upgrading ZQK to Buy from Neutral and raising our 12-month price target to $6.50 from $4.00 following the appointment of Mr. Andy Mooney as CEO. Mr. Mooney spent most of the 2000's running Disney's consumer products business where he restored retail. Prior to Disney, he was the head of marketing at Nike during the 90's ‘Just Do It' campaign. We believe his combination of product knowledge and operational expertise offers a unique skill set for ZQK. This event increases our confidence in ZQK's ability to execute a multi-year turnaround. We raise our FY13-FY15 EPS estimates to reflect our expectations for an operational recovery.” Quiksilver closed on Thursday at $4.53.