UPDATE: Piper Jaffray Reiterates Overweight Rating, Raises PT on Michael Kors Holdings

In a report published Friday, Piper Jaffray & Co. reiterated its Overweight rating on Michael Kors Holdings

, and raised its price target from $61.00 to $63.00. Piper Jaffray noted, “We are raising our estimates for Q2 and beyond to reflect the robust underlying business trends. We believe long-term shareholders are exploring the upside scenarios to existing models to gain comfort with current valuation. We believe there are a number of scenarios which on the high-end could support a case that our FY14E EPS of $1.85 could be achieved in the next four quarters, implying FY14 could be closer to the mid-$2/range. To achieve sustainable top-line growth, we believe the company will need to continue to make investments to fuel brand awareness, create customer acquisition and drive loyalty.” Michael Kors Holdings closed on Thursday at $53.43.