UPDATE: Benchmark Raises PT on Susser Holdings to $38

Benchmark reiterates an Overweight rating for Susser Holdings Corp. (NASDAQ: SUSS) and increased the price target to $38.

Benchmark comments, “We are raising our 2Q12 EPS estimate by $0.12, to $0.76 from $0.64. We also believe that miles driven could be increasing, benefiting comps. If this environment continues through September, it could also produce upside to Q3. On the increase of our 2Q12 EPS estimate, our FY12 EPS estimate increased to $1.49, flowing through only the benefit in Q2. Our FY13 EPS estimate remains $1.71. Given the positive environment from falling fuel prices and increasing miles driven and our increase in estimates, we increased our price target to $38, from $33, based on 7.5x our estimated 2012 EBITDA.”

SUSS closed at $31.14 on Monday.