UPDATE: Piper Jaffray Reiterates Overweight Rating, Raises PT on Cabela's

In a report published Friday, Piper Jaffray & Co. reiterated its Overweight rating on Cabela's

, and raised its price target from $51.00 to $55.00. Piper Jaffray noted, “We are increasing our same store sales estimate for FQ3 by 100bps as we believe the easy comparisons from last year, steadily improving economy, and strong firearm cycle should help drive a mid single digit comp in the third quarter. Last night, Smith & Wesson reported a very strong quarter (ending July 31) and an acceleration in the backlog to 164% from 135% at the end of the prior quarter. We believe this is emblematic of the environment of the U.S. consumer to purchase firearms and Cabela's is benefiting from that trend. Given the potential comp acceleration, continued opportunity to expand merchandise margins and square footage growth, we are taking our price target from $51 to $55.” Cabela's closed on Thursday at $50.90.