Piper Jaffray Downgrades New York & Company (NWY) to Neutral
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Piper Jaffray downgrades New York & Company (NYSE: NWY) from Buy to Neutral. Price target $11.
Piper analyst says, "We are lowering our investment rating on shares of NWY from Buy to Neutral owing to our belief that shares are fairly valued at current levels which is near our upwardly revised $11 price target (previously $10). While we believe NWY's fundamental business remains intact as "value" brands continue to resonate well with consumers in a challenging macroeconomic environment, we believe current stock price levels are appropriately pricing in current earnings expectations. Shares of NWY are currently trading at 18x our revised FY09 EPS and 15x our FY10 EPS estimate."
New York and Company, Inc. is a specialty retailer of fashion-oriented, moderately priced women’s apparel.
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