Piper Jaffray Maintains UW Rating On PSUN

Piper Jaffray said today that it is maintaining its Underweight rating on Pacific Sunwear PSUN shares as the company's FQ4-to-date comp is tracking at (-7%), below management's prior guidance of flat to (-5%). “With the women's division down ~(-20%), sales and merchandise pressure led the company to lower LPS guidance from ($0.07)-($0.18) to ($0.31)-($0.34),” Piper Jaffray writes. “We've adjusted our LPS estimates to reflect this guidance but are holding to our $4 price target. We will continue to evaluate our thesis and price target following the company's presentation next week at the ICR XChange.” Pacific Sunwear closed Friday at $4.79.