UPDATE: Piper Jaffray Raises PT to $65 on Ross Stores Following Healthy June Same-Store Sales

Piper Jaffray reiterated its Neutral rating on Ross Stores (NASDAQ: ROST) and increased its price target from $61 to $65 in a research report published Friday morning.

In the report, Piper Jaffray stated, "We are raising our estimates and price target following June's 7% same-store sales increase. Results exceeded both our estimate and consensus estimates in addition to guidance of +3-4%. The company raised FQ2 EPS guidance from $0.72-0.75 to $0.77-0.78 based on better than expected results during the first two months of the quarter and a +2-3% assumption for July same-store sales. We have raised our FQ2 EPS to the high end of management's revised range and our price target from $61 to $65 based on 19x our FY13 EPS. We continue to maintain a positive bias to estimates given the conservative outlook for July and the second half of the year."

Ross Stores closed at $67.19 on Thursday.

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