UPDATE: Piper Jaffray Raises PT to $41 on Select Comfort

Piper Jaffray raises its price target from $37 to $41 on Overweight-rated Select Comfort SCSS as Q1 results outpace estimates and guidance appears conservative. Piper Jaffray comments, "We are reiterating our Overweight rating and taking our price target to $41 (from $37) following another quarter that far surpassed expectations. SCSS flowed the EPS beat through to F12 guidance but we believe maintained 2012 comp guidance of "at least" 15% appears very conservative. While we believe sales trends remain healthy, the stock appeared down in the aftermarket. We would add-to/build positions today, especially on any near-term weakness, as we believe the company remains on track for a strong 2012 as part of a multi-year growth story." SCSS closed at $35.24 on Wednesday.