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Coldwater Creek surges after Piper boosts rating

Apparel retailer Coldwater Creek (CWTR) is rallying after Piper Jaffray analyst Neely Tamminga upgraded the stock to Overweight from Neutral in a note to investors earlier today. The analyst, who raised her target on the shares to $2 from $1, believes that the company is most likely trending in-line with or better than its original guidance. Tamminga cited micro and macro rationales for her call. On the micro side, the analyst believes that Coldwater Creek's products have improved while its revamped loyalty program is generating new customers who could provide a catalyst for the company. From a macro perspective, Tamminga expects Coldwater Creeek to benefit from increased spending by women on clothing. In early trading, Coldwater jumped 12.8c, or 15.37%, to 95.8c.