UPDATE: Piper Jaffray Upgrades Lowe's; Raises PT

According to a research report published earlier today, Piper Jaffray has upgraded Lowe's LOW from Neutral to Overweight, and has increased PT from $29 to $41. In the report, Piper Jaffray said, "We are upgrading shares of LOW to Overweight following positive findings in our home improvement survey that lead us to believe a remodeling cycle is underway. Full details of the survey are published in an industry note today. To summarize, we now believe the home improvement industry will grow at a faster rate than GDP for at least 2012 and 2013. We expect LOW could see meaningful upside to EPS estimates with the backdrop of favorable industry growth and potential for operational improvement over the coming years." Lowe's closed Friday at $31.69.