UPDATE: Piper Jaffray Upgrades Gordmans Stores on Promising Earnings Gains

In a report published on Friday, Piper Jaffray analyst Neely Tamminga upgraded Gordmans Stores GMAN from Neutral to Overweight, and raised the price target from $13.00 to $14.00.

In the report, Piper Jaffray noted, "Having spent some one-on-one time with the executive leadership team at Gordmans during the first quarter, we have fresh insights (many of which were highlighted on their first-quarter conference call) as to the how and why Gordmans can succeed in turning sales back into positive territory and move year-overyear declines into year-over-year gains in earnings. The anchor to GMAN's success will likely be traced back to the handful of talent additions and promotions made by President & CEO Jeff Gordman."

Gordmans Stores closed on Thursday at $12.56.