UPDATE: Wedbush Raises PT on Tile Shop Holdings Following Store Checks

In a report published Monday, Wedbush analyst Joan Storms reiterated an Outperform rating on Tile Shop Holdings (NASDAQ: TTS), and raised the price target from $27.00 to $33.00.

In the report, Wedbush noted, “Our store checks have revealed upbeat sales associates who indicated busy store activity and seeing some benefit from the improving housing market. The company is seeing quite a bit of business from both DIYers and customers using contractors. Those contractors who do rely on Tile Shop for supplies have been staying busy with multiple projects at a time, and sales associates are referring customers to ‘trusted' contractors when needed. Our discussions with sales associates indicated that the company is doing a good job steering their DIY customers toward projects commensurate with their skill levels. Customers seem to be undertaking more projects for bathrooms than kitchens since there are more of those in the home than kitchens.”

Tile Shop Holdings closed on Friday at $29.43.