Piper Jaffray Raises PT on Target to $60

Piper Jaffray is out with its report today on Target TGT, raising its PT to $60 from $58. In its report, Piper Jaffray writes, "We are raising our estimates as follows: FQ3 from $0.73 to $0.74; FQ4 from $1.47 to $1.50; FY12 from $4.15 to $4.25; and FY13 from $4.41 to $4.48. Our price target increases from $58 to $60 based on 14x (unchanged) FY12E EPS of $4.25." Piper Jaffray reiterates Overweight on TGT. Shares of TGT closed Wednesday at $50.55, up 2.39% from Tuesday's close.