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WR Hambrecht Raises Sharper Image Outlook

WR Hambrecht raised its estimates on Sharper Image (SHRP).

Analyst Kristine Koerber says the company's same-store sales rise far surpassed her 9% estimate. She notes Sharper Image increased its infomercial spending for Ionic Breeze by about 30% per week in January, which helped increase brand awareness and drive customers into its stores.

Koerber expects continued advertising spending to help lift comparison sales. She notes retail sales rose 52% in January, while Internet sales increased 64%. Koerber raised her $1.18 fourth quarter earnings per share estimate to $1.20, and upped the $1.09 fiscal 2003 estimate to $1.10. She reiterates her buy rating, and has a $23 12-month target.

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