UPDATE: Jefferies Raises PT on Conn's to $5

Jefferies is out with its report today on Conn's (NASDAQ: CONN), raising its PT from $4.95 to $5.

In a note to clients, Jefferies writes, "Our $5 Price target is based on the stock selling at about 12x our $0.41 FY12 EPS, in line with our peer PT multiples. We think this multiple target is more than fair when we consider: 1) there is no store growth, 2) write-off rates are still elevated, 3) continued risk that competition gets more aggressive against the Company that struggles to recover, and 4) macro risk that its lower FICO score credit customers remain under pressure and reduce spending."

Piper Jaffray maintains Hold on CONN.

Shares of CONN closed Friday at $5.34, down 0.93% from Thursday's close.