BofA/Merrill Lynch analyst Lorraine Hutchinson reiterated a Buy rating and boosted her price target on Burlington Stores (NYSE: BURL) to $50.00 (from $43.00) following much-better-than-expected Q3 results on higher sales and gross margins. Comps also rose 5.2% versus the firm's 3.5% outlook.

The analyst sees Burlington Stores as well positioned for sales and earnings outperformance given strong merchandise initiatives and operational turnaround.

The firm raised FY 2015 EPS from $1.57 to $1.66, FY 2016 EPS from $2.12 to $2.21 and FY 2017 EPS from $2.47 to $2.57.

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Shares of Burlington Stores closed at $43.60 yesterday.