UBS has hiked its target price for Next by nearly a quarter after the High Street retailer raised its guidance for the current financial year.Alongside its annual results last week, Next said it now expects 4-8% growth in Brand sales for the year ending January 2015, compared with the 1-4% estimate it gave the year before.UBS has lifted its target from 5,650p to 7,000p, but kept a 'neutral' rating on the stock.The shares trade at 17 times earnings for the 2014 calendar year, which UBS said is a modest premium to the sector and well ahead of the stock's long-term average."However, given strong and stable cash flows, and international potential, we think a premium is justified," it said.UBS pointed out that Next's Brand sales growth in the year just gone was the strongest since 2006."As well as improving sales trends, what marks Next out is the ability to trade full price, which helps gross margin, brand strength and gifting sales. "As its original customer base ages (the chain was aimed at 20-30 year old women at launch 30 years ago), Next has also succeeded in filling the pipe at the younger end through focusing on fashion as well as style, and widening the appeal of the brand to other product categories."The stock was 1.1% higher at 6,790p by 10:43 on Tuesday.BC