UPDATE: Oppenheimer Holdings Reiterates Outperform Rating, Raises PT on American Eagle Outfitters

In a report published Wednesday, Oppenheimer Holdings reiterated its Outperform rating on American Eagle Outfitters AEO, and slightly raised its price target from $24.00 to $25.00. Oppenheimer noted, “AEO reported 2Q12 non-GAAP EPS of 0.21 (GAAP EPS was $0.09) vs. our/consensus ests of $0.21, $0.10 LY and recent $0.19-$0.21 guidance. As previously reported, revenues rose 11% on a 9% com. Impressively, inventories were up only 3.0%/sf on the solid revenue growth. GM +210 bps (MM +120 bps). Adjusted SG&A leveraged 40 bps. Mgmt introduced 3Q EPS guidance of $0.37-$0.38 vs. consensus of $0.37 and raised FY12 EPS guidance to $1.33-$1.36 (from implied $1.22-$1.28). Consensus is $1.34. We are raising our FY12E EPS to $1.38 (from $1.32). AEO remains our top pick, reiterate Outperform and raising PT to $25 from $24. We expect momentum to continue as the year progresses.” American Eagle Outfitters closed on Tuesday at $20.83.