UPDATE: Brean Murray Carret & Co. Upgrades The Warnaco Group

According to a research report published this morning, Brean Murray Carret & Co. has upgraded The Warnaco Group (NYSE: WRC) from Hold to Buy.

In the report, Brean Murray Carret & Co. said, "With WRC trading within 10% of its 52 week low, competitor GUESS? (GES $24.44, Buy) providing relatively upbeat guidance on Europe and Korea and Calvin Klein owner PVH (PVH $77.55, Buy) on track to announce solid results tonight after the close, we believe now is an apt time to become more aggressive in WRC. We believe, after another humbling reduction in guidance, that the company has crafted a case which assumes virtually no recoveries in the key European or Korean markets and leaves room for upside via lower cotton pricing and potential leverage from increased square footage expansion."

Brean Murray Carret & Co. instituted a $55 PT on Warnaco, which closed yesterday at $43.28.