UPDATE: Piper Jaffray Lowers PT on American Eagle from $14 to $11

Piper Jaffray has published a research report on American Eagle AEO lowering the price target. In the report, Piper Jaffray wrote, "While we are encouraged by the traction the company is getting with their denim campaign and that current comp trends are positive, we are concerned with the company's overall inventory position and believe margins in 2H and beyond could be at risk." Piper Jaffray rated American Eagle a Neutral with a price target lowered from $14.00 to $11.00. American Eagle closed Wednesday at $10.60.