UPDATE: Piper Jaffray Raises PT on Cabela's on Brand Building Campaign

In a report published by Piper Jaffray, analyst Sean P. Naughton maintained a Neutral rating and raised the price target from $47 to $62 on Cabela's

. Piper Jaffray reported that, “On Tuesday morning, Cabela's released stellar same store sales trends expectations for FQ1 (at least high teens) that meaningfully accelerated from Q4 (+12%) causing management to guide Q1 $0.10 to $0.15/share higher than consensus estimates. In addition, the company hosted an analyst day outlining the current strategic priorities moving forward around increasing Cabela's branded product sales, investing in brand building, its retail square footage growth initiatives, and omni-channel. While we are very encouraged by the company's improvements in retail productivity and returns on capital, we believe the valuation is fair at current levels.” Shares of Cabela's closed at $61.79 on Wednesday.