True Religion shares hit new high

The Vernon, Calif.-based company has been on a bit of a roll lately. In May, the company reported first quarter profit rose 35 percent, beating expectations. Revenue jumped 47 percent as shoppers snapped up its spring merchandise.

Since that earnings report, shares have risen 31 percent. The rally continued on Monday, as shares rose $1.14, or 4.5 percent, to $26.77 during midday trading, after earlier trading to a new high of $27.05.

Brean Murray Carret & Co. analyst Eric Beder said after a meeting with company management last week, he believes the company's momentum remains strong.

"The company continues to drive sales with a continuing slew of new products and categories, which has been compounded by the further rollout of company-owned stores," Beder wrote.

He raised his 2008 earnings estimate to $1.62 from $1.57 and raised his price target by $1 to $30.