Piper Jaffray Lowers Estimates and Price Target on American Eagle (AEO)
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Piper Jaffray lowers estimates and its price target on American Eagle (NYSE: AEO) following in-line results and lower guidance from the company. The firm is reiterating their Neutral rating.
The firm cut its price target from $15 to $14 and lowered FY09 EPS from $1.47 to $1.40 and FY10 EPS from $1.65 to $1.55.
The firm said, "shares fairly reflect risks to 2H estimates while crediting the company for solid brand positioning among its core demographic and improved operating discipline in a difficult selling environment."
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