Piper Jaffray Reiterates Neutral on Chico's FAS

Piper Jaffray is out with its report today on Chico's FAS CHS, reiterating Neutral. In its report, Piper Jaffray writes, "We remain Neutral on CHS shares given the company's reliance on its loyalty program and concerns about a potential dip in sales should management decide to further reduce couponing particularly against a potential backdrop of economic softening." Shares of CHS closed Wednesday at $12.30, down 2.46% from Tuesday's close.