Piper Jaffray Raises Price Target on Target Corp.

Piper Jaffray is raising their EPS estimates and price target on Target Corp. TGTfollowing FQ3 EPS results of $0.74, $0.05 above Piper Jaffray's estimate and $0.06 above the consensus estimate. In a note to clients, Piper Jaffray writes, "We are raising our Q4E EPS from $1.39 to $1.40 and FY12 EPS from $4.42 to $4.43. Mgmt guided Q4 comps to +2-4%, EBIT margins consistent with last year, and considered current consensus EPS of $1.38 as "reasonable". We are raising our price target to $62 based on 14x FY12 EPS, up from 13.5x due to higher top-line growth." TGT is trading at $56.44