The Wet Seal rises on Piper Jaffray coverage
The Wet Seal, Inc. (Nasdaq: WTSLA) shares are increasing after the investment bank Piper Jaffray added the teen retailer to its “Alpha List,” a short-term category used to place emphasis on firms whose shares have positive signs, with a $4 price target.
Piper Jaffray said the company’s new management team will explain an aggressive top-line growth plan and cost reduction details at an upcoming investor conference. The investment bank said Wet Seal is one of its “top small-cap ideas” for the first half of fiscal 2009.
In afternoon trading, WTSLA shares are up 6.14%, or $0.14, at $2.42. Over the last 52 weeks, shares have ranged from $1.81 to $6.75.
