UPDATE: Citigroup Initiates Tile Shop Holdings at Buy on Housing Strength

Citigroup initiated coverage on Tile Shop Holdings

with a Buy rating and a $22.00 price target. Citigroup noted, "We are initiating coverage of The Tile Shop with a Buy rating and $22 target price. We think the story benefits from an: 1) improving housing cycle; 2) a proprietary business model which differentiates it from competitors; 3) a strong product offering; 4) a legitimate square footage growth story (~25% increase per year)." Tile Shop Holdings closed at $17.67 on Friday.