UPDATE: Piper Jaffray Raises PT on Ross Stores to $75

Piper Jaffray is out with its report today on Ross Stores ROST, raising its PT from $74 to $75. In a note to clients, Piper Jaffray writes, "Management did raise FQ2 EPS guidance from $1.15-1.20 to $1.20-1.22 to reflect stronger sales and gross margin performance through the first two months of the quarter. Our price target increases from $74 to $75 based on 14x (unchanged) our revised FY12E EPS of $5.33." Piper Jaffray maintains Neutral on ROST. At the time of posting, shares of ROST were trading pre-market at $79.50, down 2.18% from Thursday's close.