Piper Jaffray Raises Price Target On HSN To $50

According to Piper Jaffray, HSN

Overweight rating is reiterated. Piper Jaffray said that it is reiterating its Overweight rating on HSNI shares and raising the price target from $46 to $50 following the company's FQ2 report in which EPS handily beat our estimate owing to better-than-expected sales and gross margin. “We are increasing our EPS estimates as follows: from $0.36 to $0.37 for FQ3; from $1.95 to $2.10 for FY11; and from $2.31 to $2.48 for FY12. We are raising our price target from $46 to $50, which is based on 20x (same multiple) FY12 EPS.” HSN closed yesterday at $35.01.