UPDATE: Piper Jaffray Raising Price Target On Limited Brands

Piper Jaffray is out with a research report on Limited Brands Inc.

and is raising its price target to $46 from $45, and reiterating its Overweight rating on shares. In a note to clients, Piper Jaffray writes, "We are reiterating our Overweight rating on LTD shares and raising our price target from $45 to $46 following the company's FQ2 earnings results in which FY12 EPS guidance was raised to $2.35-$2.50. Management indicated that it now expects to report August same-store sales up in the high-single-digits, versus the low-single-digit outlook given on 8/4/11. We are especially encouraged to hear this positive August outlook at a time when several other retailers have indicated near-term weakness stemming from consumer uncertainty." Shares of LTD lost 49 cents yesterday to close at $34.34.