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True Religion: Record Third Analyst Price Target Boost in Three Months

The much anticipated analyst meeting came and went. Last week, True Religion Inc.’s (TRLG) CEO and CFO presented at the Piper Jaffray Consumer Conference, providing a business overview and discussing historical financial performance as well introducing the company’s long-term financial plan and growth objectives. And it did not go unnoticed. Yesterday, Brean Murray analyst Eric Beder upped his earnings estimate for the current year to $1.62 from $1.57, implying a multiple of just 16 times earnings which becomes even cheaper on a forward looking basis using 2009 estimates, making his new price target of $30 look conservative. He cited the solid growth thesis that is being driven by new products and categories and a rollout of new stores. It’s the third analyst price target boost in three months – a record for the small cap jeans maker that is still relatively under covered. It wouldn’t be a surprise to see more of the analyst community get firmly behind the company after the recent conference.

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