UPDATE: Piper Jaffray Lowers PT on Ross Stores to $72

Piper Jaffray is out with its report today on Ross Stores ROST, lowering its PT to $72 from $75. In its report, Piper Jaffray writes, "We have raised our FY13 EPS to $6.00 but have lowered our price target from $75 to $72 as we rolled our multiple to FY13 and as valuations for the peer group have declined. We believe ROST continues to execute very well, but are maintaining our Neutral rating as we see shares as fairly valued at this time." Shares of ROST closed Thursday at $70.84, down 1.34% from Wednesday's close.