UPDATE: Piper Jaffray Raises PT to $5.50 on Quiksilver

Piper Jaffray raises its price target 50 cents to $5.50 on Overweight-rated Quiksilver

on solid revenue that beat expectations. Piper Jaffray says, "Last night Quiksilver reported FQ1 results slightly ahead of our estimates as investments in long-term growth initiatives limited upside from better-than-expected revenue and gross margin. Positive revenue growth and same-store sales in the Americas, Europe and Asia-Pacific demonstrates the strength of the company's brands, improvement in product and the impact of reinvesting in the business." ZQK closed at $4.60 a share yesterday.