UPDATE: Piper Jaffray Raises PT to $65 on The Fresh Market on Conservative Guidance

Piper Jaffray reiterated its Overweight on The Fresh Market TFM and raised its price target from $60 to $65 a share. Piper Jaffray commented, "TFM reported FQ2 EPS of $0.28 this morning, $0.01 ahead of our estimate and consensus, including $0.02 of non-comparable SG&A expenses. The beat was driven by strong top line results and gross margin expansion but partially offset by the aforementioned SG&A deleverage. We continue to favor TFM's long term growth profile given it has considerable runway for square footage growth since the company is just 24% penetrated to its long term goal of 500 units. Overall, we are encouraged by TFM's results and maintain our Overweight rating." The Fresh Market closed at $58.73 on Wednesday.