UPDATE: Piper Jaffray Lowers PT on Pacific Sunwear from $3.50 to $2 and Maintains Underweight

Piper Jaffray has published a research report on Pacific Sunwear PSUN lowering the price target by $1.50. In the report, Piper Jaffray wrote, "While PSUN's Q2 results were modestly above expectations with non-GAAP LPS of ($0.18) vs. guidance of ($0.29)-($0.22) and our PJC estimate of ($0.25), mgmt issued Q3 guidance below printed expectations. To wit, Q3 guidance is calling for same-store sales to decline in the range of negative M/HSD despite +1% comp gains in 1H." Piper Jaffray rated Pacific Sunwear an Underweight with a price target lowered from $3.50 to $2.00. Pacific Sunwear closed Tuesday at $2.17.