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Banc of America upgraded Aeropostale (ARO
) to buy from neutral, citing the casual clothing retailer's increased chances of a turnaround.
Analyst Amy Noblin says that despite a recent rally, the stock price is still 35% lower from its July 5 peak. She says that the near term will be challenging for Aeropostale, as it continues to liquidate excess merchandise. Still, she belives the company's recently updated strategy of shifting a bit more from its core product to fashion will make it more competitive, among other things. She raised her $23 price target to $27.