UPDATE: Sterne Agee Reiterates Buy Rating, Raises PT on The Buckle

In a report published Monday, Sterne Agee Group reiterated its Buy rating on The Buckle

, and raised its price target from $50.00 to $54.00. Sterne Agee noted, “While we are maintaining our estimates, we are raising our price target on BKE to $54 from $50 assuming a higher valuation of 14.5x forward given the strong cash flow outlook and opportunities ahead for continued special dividend payments providing a strong total return. The total yield offered by BKE at current prices is about 11.1%.” The Buckle closed on Friday at $47.68.