Piper Jaffray reiterated an Overweight rating on Sequential Brands (NASDAQ: SQBG), and raised the price target to $21.00 (from $20.00), following 2Q results. SQBG reported $0.08 of adjusted EPS compared to the Street's $0.05 estimate.

Analyst Erinn Murphy commented, "We are reiterating our Overweight rating and raising our price target to $21 (versus $20 prior) on SQBG shares after the company's Q2 report, which handily beat both consensus and our estimates. Additionally, FY15 guidance was reiterated and appears conservative given on-going organic momentum. Importantly, following a month-long "go shop" window, SQBG has now signed a definitive agreement to acquire MSO. On the conference, management did not elaborate on how they intend to transform and grow this asset once the deal is closed. That said, the team is committed to closing the deal before year-end. At that time, we believe the company will re-establish a three-year plan. Our sense is that the company could double its existing three-year plan, which stands at $100M in royalty revenue and $70M in EBITDA."

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Shares of Sequential Brands closed at $16.12 yesterday.