UPDATE: Piper Jaffray Raises Genesco's PT

According to a research report published earlier today, Piper Jaffray has increased Genesco Inc.'s

PT from $70 to $80. Piper Jaffray further explained in the report, “We are raising our estimates and price target on the heels of Genesco's strong Q4 and constructive outlook for FY13. Q4 EPS of $1.97 beat our $1.68 estimate by a significant margin driven by a +12% comp and 170bp of margin expansion. Momentum has carried into FQ1 as February comps increased +13%, and we believe other comp catalysts could drive upside to estimates later in the year. We have raised our price target from $70 to $80 as we expect FY13 to be another year of strong top and bottom-line growth. Reiterate Overweight.” Genesco closed Friday at $73.67.