UPDATE: Oppenheimer Raises PT on Conn's on Compelling New Unit Expansion Story

In a report published Friday, Oppenheimer analyst Brian Nagel reiterated an Outperform rating on

, and raised the price target from $54.00 to $65.00. In the report, Oppenheimer noted, “We look on Conn's as one of the most compelling new unit expansion stories in Hardlines. Under the leadership of a new CEO, CONN tweaked its store format and enhanced its merchandising effort to better connect with its core low to middle-income consumers. The better than expected Q1 (Apr.) results that CONN reported yesterday (6/6/13) demonstrate clearly that the company's renewed corporate focus is spurring significant fundamental momentum at the chain. The CONN investment story is far from over. We believe that the market continues to meaningfully under-appreciate the near and longer term EPS power of CONN. We are lifting our price target on shares to $65 from $54. Our rating on CONN remains Outperform.” Conn's closed on Thursday at $53.96.