Piper Jaffray Downgrading New York & Company

Piper Jaffray is out with a research report on New York & Company NWY and is downgrading shares to Neutral from Overweight, and cutting its price target to $3 from $10. In a note to clients, Piper Jaffray writes, "In what is amounting to be more a difficult decision for us than should be the case, we are siding out more at a Neutral rating on NWY shares in view of what we believe could likely be a range-bound stock for the next six-to-twelve months. It's the timeline that we are primarily calling into question; not management's efforts. At some point, this could be a high-single-digit operating margin business; that's just not likely to happen any time soon." Shares of NWY lost 86 cents on Friday to close at $3.35.