UPDATE: Piper Jaffray Raises PT on Hot Topic to $8

Piper Jaffray is out with its report today on Hot Topic (NASDAQ: HOTT), raising its PT to $8 from $7.50.

In its report, Piper Jaffray writes, "In tandem with our estimate revisions, our PT moves from $7.50 to $8/share. Our $8 price target assumes the shares of HOTT can trade on an EV/EBITDA basis at 5x (same multiple) on our upwardly revised EBITDA estimate in FY13 of $57.7M (no debt, $72.6M cash, 44.8M shares outstanding."

Shares of HOTT closed Wednesday at $6.95, down 1.00% from Tuesday's close.