UPDATE: Imperial Capital Raises Price Target On The Buckle on 1Q13 Earnings Report

In a research report published Friday, Imperial Capital analyst Lee Giordano raised the price target on The Buckle BKE from $49 to $54 and maintained the Rating of In-Line on the company.

In the report, Imperial Capitalist noted, "The Buckle remains one of the best operators in the specialty retail industry, in our view, with robust free cash flow, a differentiated product assortment, shareholder- friendly management, and long-term square footage growth opportunities. Nevertheless, we believe further multiple expansion could be challenging given limited opportunity for operating margin expansion from recent levels unless comps accelerate."

The Buckle closed on Thursday at $55.42.