(S&P Capital IQ)
Feb-Q EPS of $0.41, vs. $0.39, is above our $0.39 forecast, as finance income and SG&A expenses were better than we projected. Although accounting reclassification reduced EPS for FY 12 (Feb.) and FY 11 by $0.02 each year, we raise our EPS estimate by $0.04 to $1.96 for FY 13, on our revised revenue and margin outlooks. New store openings and land acquisition should use more cash in FY 13 than FY 12. We raise our target price by $1 to $28, or 14.3X our FY 13 EPS estimate on historical and peer P/E analysis, but believe the shares remain overvalued at current levels.