Update: Jefferies Raising Price Target On Family Dollar

Jefferies & Co. is raising its price target on shares of Family Dollar FDO to $50 from $49 after the company reported earnings yesterday. It has a Hold rating on shares. In a note to clients, Jefferies & Co. writes, "The company reported sales, gross margin and EPS light of guidance and Street expectations. Management reduced the midpoint of its FY11 guidance by $0.06. Despite a shortfall, shares proved resilient, reflecting a premium for activist shareholder activity and optimism that the company can close the sales and EBIT gap with its main competitor." Shares of FDO closed at $53.44 yesterday.