UPDATE: J.P. Morgan Initiates Coverage on Tumi Holdings

According to a research report published this morning, J.P. Morgan has initiated Tumi Holdings

with a Neutral rating and $23 PT. In the report, J.P. Morgan said, "From just under 100 stores today, the company plans to open 15-20% annual square footage to get to its target of 200 stores. Strong comps have driven sales per foot to $970 currently and the company is targeting over $1,300 in the next few years. We expect North America DTC to continue to contribute around 45% of the company's revenues going forward and at 31% segment margins, is the second highest margin business for TUMI." Tumi Holdings closed Friday at $21.17.