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Piper Jaffray is raising its EPS estimates on shares of Ascena Retail Group, Inc.
ASNA from $2.24 to $2.25 for FY11 and from $2.50 to $2.59 for FY12.
“Our FY12 EPS estimate represents 15% growth, which consists of 13% net income growth and 2% accretion stemming from share repurchases,” Piper Jaffray writes. “Our price target of $39 is based on 15x our FY12 EPS estimate of $2.59. We are raising our target multiple from 10x to 15x to be more in line with its peer group average of 15x-17x and our long-term growth forecast of at least 15%.”
Ascena Retail Group closed Friday at $26.62.
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