UPDATE: Piper Jaffray Raises PT on J.C. Penney to $35 (JCP)

Piper Jaffray is out with its report today on J.C. Penney

, raising its PT from $34 to $35. In a note to clients, Piper Jaffray writes, "On Tuesday evening JCP announced it had completed its previously announced $900M share repurchase program which began in March. We are raising our estimates to reflect this announcement as we had previously modeled the program to be completed over the remainder of FY12. Partially offsetting this impact, we have lowered our FY12 gross margin by 10bps to 39.1% which reflects a 10bp y/y change. We have raised our price target to $35 based on 15x (unchanged multiple) our increased FY12E adjusted EPS of $2.35." At the time of posting, shares of JCP were trading at $37.51, up 0.32% from Tuesday's close.