UPDATE: Wall Street Strategies Raising Price Target On Hot Topic

Wall Street Strategies retail analyst Brian Sozzi is raising his price target on shares of Hot Topic Inc. HOTT to $9 from $8, and it has a Buy rating on shares. In a note to clients, Sozzi writes, "The conference call from Hot Topic (HOTT) was music to our ears. As long-time followers of the company, we have watched it go through many changes strategy wise. It's our view that the new CEO at Hot Topic finally has the company headed down the correct path, and shareholders are likely to benefit as a result. We are reiterating our Buy recommendation and raising the price target to $9.00, expecting underappreciated earnings power later this year to be more appreciated by the market." Shares of HOTT closed at $7.25 on Friday.