Wet Seal (WTSLA) Higher After Results and Analyst Upgrade

Shares of women's apparel and accessory retailer Wet Seal (Nasdaq: WTSLA) are on the move today (+13%) following better-than-expected Q1 results and guidance.

After the close Thursday, Wet Seal reported Q1 EPS of $0.09, 2 cents better than the analyst estimate of $0.07. Revenues for the quarter were $142.4 million, versus the consensus of $141.90 million. Wet Seal sees Q2 EPS of $0.08-$0.10, versus the consensus of $0.07 and Q2 same-store sales down 2%-4%. Sees Q2 sales of $149.3-$151.6 million, versus the consensus of $153.3 million.

The news prompted JP Morgan to raise its rating on the company to Overweight.

While shares of Wet Seal are down 21% over the last year, the stock is up more than 100% since the start of 2008. Today's news will give longs something to cheer and the shorts some added pain.

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