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Wedbush Morgan Upgrades Bebe Stores to 'Buy'

Wedbush Morgan upgraded Bebe Stores (BEBE) to buy from hold.

Analyst Adrienne Tennant says her upgrade accompanies her belief that sales are surpassing expectations. She thinks first-quarter comparisons are trending above retailer's positive mid-single-digit guidance. Tennant now sees September comparision in the positive, high single-digit range, vs. her earlier estimate of sales in the positive, low single-digit range.

She's increasingly confident that Bebe's merchandise is on target with consumers, and that it has substantial opportunity to continue to drive business both in the near and longer term. That said, Tennant upped her 21 cents first-quarter earnings per share estimate to 22 cents, and boosted the 93 cents fiscal 2004 (June) estimate to 94 cents.

Also, Tennant raised the $1.13 fiscal 2005 estimate to $1.14, and upped the $24 price target to $30.

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