Cowen & Co Initiates Coverage on American Eagle Outfitters (AEO) with an Outperform
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Cowen & Co initiates coverage on American Eagle Outfitters (NYSE: AEO) with an Outperform rating.
Cowen analyst says, "We believe that the turnaround efforts at American Eagle are gaining traction, and downside is limited by a solid balance sheet and strong cash flows. As the core AE brand has neared U.S. saturation levels, the company has invested in several potential growth drivers. We believe that management is working on returning to a more value based pricing strategy that should lead to market share gains, while margins should benefit as excess overhead is cut and inventory reduced...Expectations Are Low - The consensus EPS estimate for 2009 is $1.55. We believe that the company can beat those numbers, as evidenced by our $1.63 estimate.
American Eagle Outfitters, Inc. is a retailer that operates under the American Eagle Outfitters, aerie by American Eagle and MARTIN + OSA brands.
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