Piper Jaffray expects shares of Children's Place to "migrate" higher into the annual meeting held on May 22. Should the company win over the activist contingent, Piper thinks shares are likely to find a trading range, with upside to earnings as the remaining driver of stock appreciation. Should the activists, which are calling for two board seats, the ousting of the current CEO, and a potential sale of the company, be successful,. Piper expects investors to start factoring in takeout multiples. The firm estimates a mid-$80's per share buyout multiple for Children's Place and keeps an Overweight rating on the stock. The shares were upgraded last night to Neutral at Goldman Sachs.