Piper Jaffray Updates American Eagle (AEO)

Piper Jaffray updated its earnings model on American Eagle Outfitters

, which reported strong September same-store-sales yesterday. It rates shares at Neutral, with a $16 price target. In the research note, Piper states, "We are updating our financial model to reflect AEO management's revised FQ3 EPS guidance of $0.27-$0.28 from prior guidance of $0.23-$0.26. The earnings raise is predicated on flat to slightly positive comps, reflecting the conservative traffic levels assumed in the months leading up to holiday. AEO also reported September comps of +4% against last year's +0%. We've revised our model to reflect this news; FQ3E EPS was raised to $0.28 from $0.26." Shares of AEO gained $1.22 or 8.1% to close at $16.23 yesterday.