UPDATE: Benchmark Downgrades True Religion Apparel to Hold Following Takeout Bid

In a report published Monday, Benchmark Company analyst Ronald Bookbinder downgraded the rating on True Religion Apparel

from Buy to Hold, but reiterated the $32.00 price target. In the report, Bookbinder noted, “True Religion has received a bid for $32.00 per share in cash. With the Company having been shopped for about six months, we have no reason to believe a competing offer will be made. Based on the fact that we believe the deal will go through at the $32 per share price, we have maintained our price target of $32 per share. Given the limited upside to our price target, we are lowering our recommendation to Hold, from Buy. TowerBrook Capital Partners has offered $32.00 per share in cash for True Religion. True Religion's Board of Directors unanimously supports the offer. We expect True Religion's management will continue their roles with the company after the transaction.” True Religion Apparel closed on Friday at $31.82.