UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Lumber Liquidators Holdings Following New Distribution Center Announcements

In a report published Friday, Jefferies analyst Daniel Binder reiterated a Buy rating on

, and raised the price target from $115.00 to $119.00. In the report, Jefferies noted, “We are seeing the next phase of supply chain optimization as LL announced yesterday the planned construction of a new East Coast distribution center and the leasing of a West Coast distribution center. While start-up costs will be incremental in FY13, margin gains from reduced transportation costs will be accretive to earnings as the company could see at least 100 bps taken out of transportation costs.” Lumber Liquidators Holdings closed on Thursday at $99.80.