UPDATE: Piper Jaffray Raising Price Target On Genesco

Piper Jaffray is raising its price target on shares of Genesco Inc. GCO to $53 from $46, and it is reiterating its Overweight rating after it reported earnings. Piper Jaffray writes, "GCO's FQ1 EPS of $0.67 well-exceeded PJC's estimate of $0.46 and consensus estimates of $0.48. Driven by a +14% comp (versus LY's +5%), sales increased +20% to $482M as all brands showed market strength propelled by fashion. With good expense control courtesy of economies of scale and real estate rationalizations, the comp boost helped leverage SG&A by 180bps and drove op margins up 130bps. As a result, GCO is ahead of its 5-year goal of achieving $2.3B in sales and +8% op margins while only in year 2. We reiterate our Overweight rating and are increasing our FY12 and FY13 EPS estimates. Our $46 price target moves to $53 based on 18x (formerly 16x) FY12E EPS of $2.95." Shares of GCO gained $4.24 yesterday to close at $45.52, a gain of 10.27%.