Piper Jaffray On Pacific Sunwear After ICR Xchange

Piper Jaffray has published a research report on Pacific Sunwear of California PSUN after attending the 13th Annual ICR Xchange. In the report, Piper Jaffray writes "We remain Underweight rated on PSUN following the company's presentation by CEO Gary Schoenfeld at the final day of the 13th Annual ICR XChange. After giving a concise summary of the company's history, Schoenfeld detailed 2010 accomplishments but spent the majority of time outlining challenges that still need to be overcome in order for a complete turnaround to take place. Key to this strategy is consistent positive comp performance and merch margin improvement. While we are encouraged by management's clarity and focus on these priorities, we are still looking for visibility into when the turnaround efforts will materialize." Piper Jaffray maintains its Underweight rating and $4 price target. Pacific Sunwear closed yesterday at $4.87.