Wedbush Maintains an 'Underperform' on Pacific Sunwear (PSUN); Cutting Estimates on Disappointing Trends
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Price: $0.04 --0%
Rating Summary:
3 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 16 | New: 3
Rating Summary:
3 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 16 | New: 3
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Wedbush maintains an 'Underperform' on Pacific Sunwear of California (NASDAQ: PSUN) price target of $1.75.
Wedbush analyst said, "PSUN has indicated QTD sales are running at the low end of management’s (4)% to +1% comp guidance as we believe the retailer’s inability to drive conversion (especially in the women’s business) despite beneficial Spring weather suggests persistent issues within the product assortment. While the additional focus on store closures (~110 planned throughout F12) as well as strength within footwear and men’s businesses may be viewed as a positive, we highlight the challenges within core women’s categories as style and fit remain a primary concern for capturing sustained full-price sales. In addition, with higher carryover inventory yoy, elevated input costs and intensified competitive pressures, we view the recent run-up as unwarranted and maintain our rating."
Wedbush cuts Q1 EPS from (0.26) to (0.28) anf FY12 from (0.51) to (0.53)
For an analyst ratings summary and ratings history on Pacific Sunwear of California click here. For more ratings news on Pacific Sunwear of California click here.
Shares of Pacific Sunwear of California closed at $2.51 yesterday.
Wedbush analyst said, "PSUN has indicated QTD sales are running at the low end of management’s (4)% to +1% comp guidance as we believe the retailer’s inability to drive conversion (especially in the women’s business) despite beneficial Spring weather suggests persistent issues within the product assortment. While the additional focus on store closures (~110 planned throughout F12) as well as strength within footwear and men’s businesses may be viewed as a positive, we highlight the challenges within core women’s categories as style and fit remain a primary concern for capturing sustained full-price sales. In addition, with higher carryover inventory yoy, elevated input costs and intensified competitive pressures, we view the recent run-up as unwarranted and maintain our rating."
Wedbush cuts Q1 EPS from (0.26) to (0.28) anf FY12 from (0.51) to (0.53)
For an analyst ratings summary and ratings history on Pacific Sunwear of California click here. For more ratings news on Pacific Sunwear of California click here.
Shares of Pacific Sunwear of California closed at $2.51 yesterday.
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