UPDATE: Piper Jaffray Raises Tilly's PT

According to a research report published this morning, Piper Jaffray has increased Tilly's

PT from $20 to $21. In the report, Piper Jaffray said, "We are reiterating our Overweight rating on shares of TLYS and raising our estimates following the company's solid Q1 results. Non-GAAP Q1 EPS was $0.18--ahead of our $0.14 EPS estimate with margins outperforming our model. On the call, management indicated that Q2 comp guidance of 4%-5% incorporated trends in May. We are raising our FY13 EPS from $0.87 to $0.92--at the high-end of management's newly issued range of $0.84-$0.92. Our bias on numbers is positive as we believe both comp and gross margin guidance is conservative." Tilly's closed yesterday at $15.68.