UPDATE: Oppenheimer Lowers PT on The Talbots to $4

Oppenheimer is out with its report today on The Talbots TLB, lowering its PT from $11 to $4. In a note to clients, Oppenheimer writes, "Reducing PT to $4 from $11. PT assumes 8x EV/EBITDA, a 50% discount to historical average. Peer group trading at a 30% discount. Believe this multiple is appropriate given TLB is in the very early stages of a multi-year turnaround and expect ongoing near-term fits and starts." At the time of posting, shares of TLB were trading pre-market at $2.61, down 0.76% from Tuesday's close.