UPDATE: Piper Jaffray Lowering Price Target On Citi Trends

Piper Jaffray is out with a research report on Citi Trends, Inc. CTRN and it has an Underweight rating and a $10 price target, down from $12. In a note to clients, Piper Jaffray writes, "We are reducing our estimates and price target following the release of FQ2 results on Wednesday morning. Same store sales declined 11.9% and coupled with higher markdown, resulted in a loss per share of $0.69 which was towards the low end of management's revised guidance of ($0.60)-($0.70) provided in July. While the company is undertaking several initiatives to improve top line trends, the company's core customer remains under pressure due to high unemployment, lack of government stimulus and commodity inflation." Shares of CTRN lost 21 cents yesterday to close at $12.16.