Sterne Agee Introduces Jos. A. Bank Clothiers FY12 And Raises PT

Sterne Agee is introducing a Jos. A. Bank Clothiers, Inc. JOSB FY12 estimate of $4.08 and raising its price target to $61 from $56 based upon 15x its FY12 estimate. “Our FY10 and FY11 estimates are unchanged at $3.08 and $3.52,” Sterne Agee writes. “Our FY12 estimate assumes tux rental revenues double from FY11 levels at $72 million with a gross margin rate under 60% but benefits from SG&A leverage.” Jos. A. Bank Clothiers, Inc. currently trades at $44.73.