True Religion Soars on Upgrade

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Shares in True Religion Apparel Inc. gained nearly 10 percent Monday after the denim company was upgraded by an analyst.


CIBC World Markets analyst Dorothy Lakner upgraded the shares to “Sector Outperformer” from “Sector Performer,” stating the Vernon-based company’s new management team and expansion into licensed products including footwear, headwear and outerwear has the company poised for growth.


Earlier this year, True Religion hired a new merchandising executive and a new chief financial officer. The company also has been in the news recently following the marital separation of founders Jeff and Kymberly Lubell, who founded the company in 2002. Kim, who originally designed the clothing, left the company in March.


True Religion also announced earlier this month that it has ended its review of its strategic alternatives and will focus on opening its own stores and expanding its wholesale and licensing business ending speculation that the denim maker might be sold.


Shares in True Religion gained 9.3 percent, or $1.82, to $21.46 in afternoon trading Monday on the Nasdaq.

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