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WR Hambrect Ups Sharper Image to 'Buy'

WR Hambrecht upgraded Sharper Image (SHRP) to buy from hold.

Analyst Kristine Koerber says her upgrade was based on strong sales momentum and attractive valuation following recent price weakness, easy year-ago comps and a solid balance sheet. She says the company has been outperforming several retailers in this soft economic climate, as it has become a desination shop due to its higher margin proprietary merchandise.

She says she has increased confidence in her outlook for the holiday season. She narrowed her $0.07 third-quarter loss estimate to a $0.05 loss; she raised her $0.96 fiscal 2003 (Jan.) earnings per share estimate to $1.00 and set a $20 target.

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