Piper Jaffray Slightly Raises PT To $45 On LTD

Piper Jaffray is raising its price target on Limited Brands Inc. LTD from $44 to $45 following the company's FQ1 report. According to Piper Jaffray, “We are reiterating our Overweight rating on LTD shares following the company's FQ1 earnings results in which FY12 EPS was raised to $2.25-$2.45. Given the stellar sales results reported since the original guidance was given, we believe some investors may have been hoping to see guidance raised even higher, as evidenced by early downward after-hours trading activity in the stock. We think this new guidance likely reflects conservative top-line assumptions, and we will be paying attention on the conference call this morning for the underlying assumptions behind the guidance as well as potential opportunities to exceed expectations.” As mentioned above, Piper Jaffray reiterates its Overweight rating on the stock. LTD closed at $42.45 yesterday.