UPDATE: Piper Jaffray Lowering Price Target On Coldwater Creek Inc. (CWTR)

Piper Jaffray is lowering its price target on shares of Coldwater Creek Inc. CWTR to $2 from $3 after the company lowered its earnings outlook. It has a Neutral rating on shares. In a note to investors, Piper Jaffray writes, "We are lowering our EPS estimate for FQ1 following Coldwater Creek's pre-announcement of FQ1 results, which call for same-store sales to be down approximately 28%. Our estimates for the balance of the year remain unchanged for now--we will revisit our EPS outlook following the earnings conference call on June 1. Until then, we suspect the shares will likely remain range-bound as investors attempt to gauge the composition of CWTR's inventory and its ability to adjust future merchandise buys." Shares of CWTR are down 67 cents to $2.25, a loss of 22.95% in pre-market trading.