UPDATE: Piper Jaffray Raising Price Target On Hibbett Sports

Piper Jaffray is out with a research report on Hibbett Sports, Inc.

and is raising its price target to $36 from $35, but is keeping its Neutral rating on shares. In a note to clients, Piper Jaffray writes, "HIBB reported 2Q EPS of $0.21/share, $0.02 ahead of our estimates and street expectations on Friday morning. The result was driven by continued margin expansion, slight uptick in traffic and strength in the footwear/apparel segments. Importantly, the company raised its full year 2012 EPS from $1.80-$1.95 to $1.90-$2.00 and reiterated its growth est for FY12. We believe strength in August is critical for margin expansion in the quarter as it is close to 40% of the quarter's sales. We remain Neutral primarily on valuation and exposure to a slightly more moderate consumer." Shares of HIBB gained 56 cents on Friday to close at $33.53.