UPDATE: Piper Jaffray Raises PT on Target to $62

Piper Jaffray is out with its report today on Target TGT, raising its PT to $62 from $60. In its report, Piper Jaffray writes, "While near-term EPS growth is limited by start up costs, we believe solid near-term U.S. retail results, management's commitment to returning cash to shareholders and the likely success of Canadian stores should support a higher valuation. Our revised estimates include $0.47 of dilution in FY13, but we are raising our price target from $60 to $62 as we roll our multiple from 14x FY12 to 13x FY13 adj. EPS of $4.79 (GAAP EPS of $4.32 + $0.47 of dilution)." Piper Jaffray maintains Overweight on TGT. Shares of TGT closed Thursday at $50.64, up 0.18% from Wednesday's close.