Janney Montgomery Scott Downgrades New York & Co (NWY) to Neutral; Turn is Likely to Take Longer to Materialize

Janney Montgomery Scott downgraded New York & Co (NYSE: NWY) from Buy to Neutral.

JMS analyst says, "We are downgrading shares of NWY based on 1) weakening macro backdrop, 2) concern over Missy-sector weakness thus far in the fall season, 3) clean inventory levels that may cap the ability to drive sales, combined with very strong merchandise margins last fall, and 4) a highly promotional environment. We reiterate our belief that management is in the midst of turning the business, but note business turns take time, especially given the uncertainty of the current macroeconomic environment. With a macro environment weaker than we had anticipated in June when we initiated coverage, we believe turnarounds, and especially those targeting the Missy consumer, will take longer to materialize."

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

Shares of New York & Co closed at $2.83 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• RBC Capital Downgrades Accelerant Holdings (ARX) to Sector Perform
• Goldman Sachs Downgrades Douglas AG (DOU:GR) to Sell
• Citizens Downgrades Accelerant Holdings (ARX) to Market Perform