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Wedbush Morgan Raises J Jill Group to 'Buy'

Wedbush Morgan upgraded J Jill Group (JILL) to buy from hold.

Analyst Adrienne Tennant says she is upgrading J Jill due to several positive changes. These include infusion of color, more novelty, clearer "point of view" in stores, as well as several recent key corporate hires. She says these changes should improve store-level merchandising and drive head-to-toe "outfit" purchasing.

Tennant raised EPS estimates from 31 cents to 44 cents for 2004, and from 47 cents to 65 cents for 2005. She hiked revenue forecasts from $417 million in 2004 to $420 million, and from $461 million in 2005 to $465 million. Despite recent strength in the stock, she believes improving fundamentals should continue to drive the stock upward. She has a $22 12-month price target on the shares.

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