Piper Jaffray Maintains an 'Overweight' Rating on Coldwater Creek (CWTR); Buy On Potential Share Weakness

September 14, 2009 10:00 AM EDT

Piper Jaffray & Co. maintains an Overweight rating on Coldwater Creek (Nasdaq: CWTR). Price target $11.

Piper analyst says, "We are maintaining our Overweight rating on shares of CWTR as we believe the company continues to see improving sales trends in Q3-to-date. As such, we would be buyers on any potential share weakness this morning given the announcement of the resignation of its CEO, Daniel Griesemer. It is our belief that this announcement is more about the company's founder, Dennis Pence, wanting to return to the business than it is about Dan Griesemer needing to leave the business."

"We are incrementally encouraged by Q3-to-date trends and are reiterating our above-consensus estimates for the second-half of this year and beyond. For Q3, we are published at $0.00 versus consensus of ($0.03); for FY10, we are maintaining our ($0.10) estimate versus consensus of ($0.24); and for FY11, we are maintaining our $0.30 estimate (consensus of $0.04)."

To see more analyst ratings on CWTR Click Here.

Coldwater Creek Inc., together with its subsidiaries, operates as a multi-channel specialty retailer of women's apparel, accessories, jewelry, and gift items primarily in the United States.

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