UPDATE: Wedbush Lowers PT on Pacific Sunwear from $3.50 to $2

Wedbush has published a research report on Pacific Sunwear of California PSUN. In the report, Wedbush wrote, "Although we commend PSUN on a Q2 beat and progress renegotiating lease agreements for ~80 locations, we believe the stock may be under significant pressure following management's disappointing Q3 guidance on signs of an August slowdown." Wedbush rated Pacific Sunwear an Underperform with a price target lowered from $3.50 to $2.00. Pacific Sunwear closed Tuesday at $2.17.