NEW YORK (TheStreet) -- The Men's Wearhouse (MW) stock is down 1.25% to $51.43 in afternoon Friday despite Jefferies' increase in price target to $62 from $60, while reiterating its "buy" rating. 

Men's Wearhouse is a specialty retailer of men's suits and a provider of tuxedo rental products in the U.S. and Canada.

"We remain encouraged by the progress made thus far, and now with more clarity on the upcoming year and earnings ramp to 2017, we have increased confidence in the synergy realization potential and earnings power of this combined company," analysts said. 

Jefferies said that Men's Wearhouse fourth quarter results were a positive signpost from several angles, including the JOSB integration continuing to deliver early run-rate synergies ahead of schedule and JOSB's comp sales improving tactically, driven by seasonal promos, which ultimately lessened carryover inventory that arguably would have required steeper markdowns.

In addition, "legacy bizs remained strong in both sales and margins," the firm noted.  

"Management characterized 2015 as a transition year that will see continued sales and margin pressure through the first half for JOSB before gradual improvement starts to take hold," analysts said. 

Men's Wearhouse expects to achieve $50 million to $55 million in actual synergy savings this year. 

"Although Men's Wearhouse has performed well of late, we believe the stock still offers significant return potential, as additional value is unlocked through synergy realization and JOSB fundamentals strengthen," Jefferies said. 

Analysts lowered their earnings estimates for the 2016 fiscal year to $2.90 from $3.45 per share, but increased their earnings estimates to $4.60 from $4.55 per share for the 2017 fiscal year. 

Separately, TheStreet Ratings team rates MENS WEARHOUSE INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:

"We rate MENS WEARHOUSE INC (MW) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

You can view the full analysis from the report here: MW Ratings Report

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