UPDATE: Feltl and Company Reiterates Buy Rating, Raises PT on Cabela's

In a report published Friday, Feltl and Company reiterated its Buy rating on Cabela's

, and raised its price target from $43.50 to $48.00. Feltl and Company noted, “We are maintaining our BUY rating. We are encouraged by strong 2Q:12 results in nearly all categories and businesses. We think CAB is taking market share in the outdoor sporting goods industry and its customers are very brand loyal. CAB's high square foot growth is impressive given slower industry growth and the contribution from new units to sales and earnings. We note that CAB's share price is approaching our new $48 price target, but we are still comfortable with a BUY rating. Having just raised our earnings multiple, we would need to see more earnings growth to raise our price target further.” Cabela's closed on Thursday at $44.70.