New York & Co. (NWY) Shares Tumble Following Avondale Downgrade

An analyst at Avondale Partners downgraded shares of New York & Co (NYSE: NWY) from Market Outperform to Market Perform in a research note early Thursday morning. The analyst reduced his price target on the stock from $7 to $2.50.

The firm cited the recent resignation of the retailer's merchandising chief and checks which suggest "very high clearance levels" at locations in both the Nashville and Houston areas.

Despite a gap higher at the open, traders seem to be taking heed to the Avondale call this afternoon. Shares of New York & Co. last traded at $3.03, down 6.5 percent from Wednesday's closing price.

For more ratings news on New York & Co click here and for the rating history of New York & Co click here.

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