Piper Jaffray Reiterates New York & Co Overweight, $10 PT (NWY)

Piper Jaffray reiterated its New York & Co NWY Overweight rating and $10 price target in a research report published today.

In the report, Piper Jaffray states, "We are reiterating our Overweight rating on NWY shares following the company's FQ4 earnings report. While we acknowledge that FY12 will be a rebuilding year for New York & Co., we continue to see signs that the company is on track to achieve an operating margin in excess of 3% in FY13. With President Greg Scott's transition to CEO complete, we believe New York & Co. is on a well laid out path to recovery, and in our opinion, the company's long-term goal of returning to a high-single-digit operating margin is achievable if it is successful in rationalizing its real estate ."

Shares of New York & Co were at $5.67 in Thursday after-hours trading, up 4.04% from Thursday's market close.