UPDATE: Piper Jaffray Raises PT on Hibbett Sports to $40

Piper Jaffray is out with its report today on Hibbett Sports (NASDAQ: HIBB), raising its PT from $32 to $40.

In a note to clients, Piper Jaffray writes, "We are maintaining our Neutral rating but raising our PT to $40 from $32. While HIBB's 6.8% comp vs. 14.5% last year and y/y gross margin expansion of 139bps to 37.2% were impressive, we remain on the sidelines based on our belief that the stock is fairly valued at current levels. However, we are raising our multiple from 18x to 20x based on higher estimated F12 EPS growth than previously anticipated."

Shares of HIBB closed Friday at $38.99, up 3.96% from Thursday's close.