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True Religion sale price could be $32-$35 per share, says Citigroup

Citigroup views Warnaco (WRC) or private equity as possible suitors for True Religion (TRLG), following the premium denim maker's announcement that it is seeking strategic alternatives. Citi estimates a potential price tag for True Religion at $32-$35 per share, suggesting possible upside of up to 39% from today's levels. The firm has a Neutral rating on the stock.