UPDATE: Piper Jaffray Lowers PT on Lumber Liquidators to $18

Piper Jaffray is out with its report today on Lumber Liquidators LL, lowering its PT from $19 to $18. In its report, Piper Jaffray writes, "We remain Neutral and we are lowering our price target slightly to $18 (from $19) on LL shares following Q3 results. While the company has several meaningful near-term gross margin drivers on the horizon that will likely benefit Q4 and 2012, sales trends remain concerning. The company lowered its full year outlook for the third time based on lower than expected sales. We do not see any meaningful upside to EPS estimates or the earnings multiple until sales trends stabilize. As a result, we recommend investors stay on the sidelines for now with respect to LL shares." Shares of LL closed Thursday at $15.61, down 6.41% from Wednesday's close.