UPDATE: Piper Jaffray Raises PT on Genesco to $64

Piper Jaffray is out with its report today on Genesco GCO, raising its PT from $57 to $64. In a note to clients, Piper Jaffray writes, "With the NFL lockout now behind us and given the continued momentum in the footwear/accessories category as well as our belief that sales and earnings growth will benefit from the higher-margin int'l business, we are increasingly more confident in our 2H ests. As such, we believe shares of GCO can trade at a premium to LT EPS growth over the next 12 months. We are taking up our multiple assumption from 15x to 17x our FY13 EPS resulting in a new $64 PT. Our 17x multiple is predicated on a discount to our two-year blended EPS growth rate est. of 24%." Shares of GCO closed Monday at $55.05, up 1.14% from Friday's close.