UPDATE: Wedbush Upgrades Pacific Sunwear on Favorable Fashion Trends

In a report published on Thursday, Wedbush analyst Betty Chen upgraded Pacific Sunwear (NASDAQ: PSUN) from Neutral to Outperform and raised the price target on the company from $3.75 to $4.

In the report, Wedbush stated, "We are upgrading shares of PSUN to OUTPERFORM on signs of improving momentum given (1) surf and skate lifestyle gaining traction, (2) expanding Brandy Melville into 200 doors, (3) extending the roster of labels in women's including continued exclusivity with Kendall & Kylie Jenner, and (4) potential upside to consensus forecasts."

Pacific Sunwear closed on Thursday at $3.33.