UPDATE: Piper Jaffray Raises Price Target on Ralph Lauren to $143

According to Piper Jaffray, Ralph Lauren

price target is raised to $143. Piper Jaffray said that it is updating its model to reflect strong FQ2 results and a revised outlook for the balance of FY12. “We have raised our price target from $132 to $143 as we expect solid trends to continue driven by the current fashion cycle, product extensions and international expansion, but are maintaining our Neutral rating as shares continue to trade at a historically high multiple.” Ralph Lauren closed yesterday at $149.94.