Cowen reiterated an Outperform rating on Burlington Stores (NYSE: BURL), and raised the price target to $65.00 (from $60.00), following the company's 2Q15 earnings report. BURL reported Q2 SSS of 5.6% which beat guidance of 3%-4%. Adjusted EPS of $0.19 beat consensus of $0.12 and guidance of $0.10-$0.13. BURL raised its FY15 EPS guidance range to $2.27-$2.32 vs. a prior range of $2.15- $2.25, which is above consensus of $2.25.

Analyst John Kernan commented, "BURL's Q2 SSS acceleration and margin improvement are continued evidence that management is making further progress in transforming its business model. We continue to view BURL as a secular share gainer in apparel, footwear and home. We view guidance as fairly conservative and are raising our price target to $65 from $60 which represents 24x FY16E EPS and 11x FY16 EV/EBITDA."

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Shares of Burlington Stores closed at $47.80 yesterday.