UPDATE: Piper Jaffray Raises PT on Lumber Liquidators to $35

Piper Jaffray reiterates an Overweight rating on Lumber Liquidators LL and raises the price target to $35 following a meeting with management. Piper Jaffray comments, “We are reiterating our Overweight rating and raising our price target to $35 (22x 2013 EPS of $1.59) on LL shares after participating in investor meetings with management last week. After several years of rapid store expansion and infrastructure build, LL now has a tremendous opportunity to drive operating enhancements across the enterprise. The last two quarters have hinted at improvement to comp and gross margin, but we believe the bigger benefits (particularly with gross margin) have yet to see full impact.” LL closed at $29.53 on Monday.