UPDATE: Wedbush Initiates Tile Shop Holdings at Outperform on Expected Store Growth

Wedbush initiated coverage on Tile Shop Holdings

with an Outperform rating and a $22.00 price target. Wedbush noted, "We believe The Tile Shop offers a well-differentiated value proposition through its vast assortment of more than 4,000 tile, stone, and complementary products sourced from around the world and sold at attractive prices made possible through its direct sourcing and manufacturing operations. … The company has ramped growth post-recession and opened 5 stores in 2011 (10% growth) and 15 stores in 2012 (28% growth). Tile Shop expects to grow square footage 25% annually, equating to doubling the company's size over the next few years." Tile Shop Holdings closed at $17.85 on Thursday.