UPDATE: Ascendiant Capital Initiates Coverage on The Wet Seal with Strong Buy Rating, $4 PT on Turnaround Potential

In a report published Monday, Ascendiant Capital analyst Elizabeth Pierce initiated coverage on The Wet Seal WTSL with a Strong Buy rating and $4.00 price target. In the report, Pierce noted, “We are initiating coverage on WTSL with a Strong Buy rating and a $4 price target. Although the past year has been a challenging one for the company, we believe initiatives are in place to fund a turnaround. In our view, the company has the right people, strategy and resources to make the Wet Seal brand a preeminent player in the fast fashion world and we further believe there is a need for a well-edited fast fashion player in the young contemporary market.” The Wet Seal closed on Friday at $2.92.