Morgan Joseph Raises Price Target For The Pep Boys- Manny, Moe & Jack (PBY)

Analyst Jeffrey Blaeser at Morgan Joseph has raised the price target for The Pep Boys- Manny, Moe & Jack (NYSE: PBY) to $15.

The company reported fourth-quarter EPS of $0.01. Sales in the fourth-quarter benefited from the addition of 24 new stores, according to Morgan Joseph. The new stores generated roughly $5 million in sales. Gross margin improved by 270 basis points in the quarter.

The company’s first-quarter sales trends appear strong. As a result Morgan Joseph has raised its FY11 EPS estimate for the company from $0.48 to $0.55.

Morgan Joseph has maintained its Buy rating for The Pep Boys- Manny, Moe & Jack.