@morgans have increased their price target for Kathmandu (KMD) and retained an outperform rating on the retailer

@morgans have increased their price target for Kathmandu (KMD) and retained an outperform rating on the retailer. At its AGM today, KMD provided a trading update for the 16 weeks to 17 Nov 2013 with sales broadly in line with management's expectations. This 16 week period typically contributes less than 20% of FY sales (18% in FY13) with Christmas the key promotional period impacting the 1H. Additionally, the 2H contributes around 70% of FY earnings, making the initial 16 week period reasonably insignificant. KMD has had a strong 'catch-up' rally in recent months as the market rewarded the stock for consistency and strong earnings prospects. Morgans have increased their price target to A$3.70 and retain an Outperform rating. More detail here (VIEW LINK)