Piper Jaffray reiterated a Neutral rating on Tupperware Brands (NYSE: TUP), and raised the price target to $59.00 (from $55.00), following the company's 1Q earnings report. The report was directionally better than feared, due mainly to a moderation in FX drag. Business in China, North America, Germany, TW Mexico, and Brazil remain strong.

Analyst Stephanie Wissink commented, "We are adjusting our multiple slightly (by 0.5x) to reflect the moderation of stiff FX headwinds that the company faced over the last couple of years. Offsetting that optical benefit, we recognize that underlying fundamentals remain challenged, particularly as regional performance is inconsistent quarter to quarter. The company raised its guidance on FX, but lowered on a constant currency basis. As such, we are adjusting our model for both effects. Risks to the topline, rep productivity, and pricing sustainability are balanced by cost maintenance/flex, cash preservation, and commitment to the yield. Our PT moves to $59/sh, but we recognize the stock likely remains volatile until the company hits a point of stability in its growth forecasts. Q1 grew 1% CC; guidance calls for an acceleration toward 3% (incl. 53rd week)."

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Shares of Tupperware Brands closed at $58.91 yesterday.