Piper Jaffray reiterated an Overweight rating on Smart & Final Stores (NYSE: SFS), and raised the price target to $19.00 (from $18.00), following the company's 3Q earnings report. SFS was able to translate strong topline growth into EBITDA slightly ahead of consensus. The company raised its adjusted EBITDA guidance for the full year to $190M to $192M versus $185M to $190M.

Analyst Sean Naughton commented, "Earlier tonight, Smart & Final reported another strong quarter with same store sales trends up 4.8% driven by a 5% increase in transactions and 20bp decline in basket, primarily driven by protein deflation. SFS was able to translate strong topline growth into EBITDA slightly ahead of consensus. The company raised its adjusted EBITDA guidance for the full year to $190M to $192M versus $185M to $190M. Given the strong traffic trends and potential to see adjusted EBITDA move higher in 2016 given likely accelerated new store opening cadence, we are raising our price target from $18 to $19 and continue to recommend shares to investors."

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Shares of Smart & Final Stores closed at $14.60 yesterday.