UPDATE: Piper Jaffray Raises PT on Ascena Retail Group to $40 (ASNA)

Piper Jaffray is out with its report today on Ascena Retail Group ASNA, raising its PT from $39 to $40.

In a note to clients, Piper Jaffray writes, "It appears that same-store sales in February were up in the high-single-digits for all three divisions, likely signaling an acceleration in total company same-store sales on a two-year basis. Longer-term, we continue to believe that at least 15% in annual EPS growth or more for the foreseeable future is achievable, and the ongoing implementation of synergies from the merger with Tween Brands could result in upside to this target. We rate shares of ASNA Overweight and are raising our PT slightly from $39 to $40, based on 15x (same multiple) our FY12 EPS estimate."

Shares of ASNA closed Wednesday at $30.37, down 2.88% from Tuesday's close.