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First Union Upgrades Bebe Stores to 'Buy'

First Union upgraded Bebe Stores (BEBE) to buy from market perform.

Analyst Joseph Teklits says he thinks comparable sales are holding up pretty well. He says although the events of Sept. 11 undoubtedly affected Bebe's business, he believes comparable sales improved as the month progressed, and says the best quantification of his channel checks would indicate comparable sales over the past two weeks running at the flat to low single-digit level.

Given that this level of business is incorporated into management's EPS guidance for fiscal 2002 (June), he thinks new comparable trends support his EPS estimates for the year. He sees $1.30 fiscal 2002 EPS, and $1.57 for fiscal 2003. Teklits set a $22 target.

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