UPDATE: Piper Jaffray Raises PT to $74 on Target Corporation; Valuation Compelling

Piper Jaffray maintained Target Corporation

with a Overweight rating and raised the price target from $71.00 to $74.00. Piper Jaffray noted, "We expect Target to report GAAP earnings around $1.48, consistent with consensus, and expect comp guidance for FQ1 in the Flat to +LSD range. While 2013 will be a messy year in terms of estimates, we believe the potential for meaningful earnings acceleration in 2014 justifies the risk reward at these levels. We believe the range of potential EPS outcomes for CY14 are between $5.50 to $6.00 and given the trough P/E forward multiple is 11.2x, we think downside is limited." Target Corporation closed at $63.60 on Friday.