UPDATE: Piper Jaffray Raises PT to $44 on Hibbett Sports

Piper Jaffray maintains its Neutral rating on Hibbett Sports, Inc. (NASDAQ: HIBB) after better than expected Q3, due to valuation.

Piper Jaffray comments, “Reported EPS of $0.59 came in above both our estimate and consensus of $0.51, driven primarily by margin expansion. We are encouraged by the strong trend in performance apparel and footwear but remain Neutral on HIBB due to potential inflation headwinds in 1H12 and valuation on shares at current levels. At our FY13 EPS estimate, shares appear to represent a balanced risk/reward, particularly after the recent run up in the stock since early October.”

HIBB closed at $43.30 per share on Friday, up 0.37 percent.