UPDATE: Miller Tabak & Co Lowers PT on Children's Place Retail from $60 to $53

Miller Tabak has published a research report on Children's Place Retails PLCE lowering the price target. In the report, Miller Tabak wrote, "We think CEO Jane Elfers and her team is doing a terrific job improving overall profitability and store productivity in a higher product cost and intensely promotional retailing environment. At the same time, the market is impatient with a four consecutive quarter negative comp trend. There is no clear end in sight. In our view, the return to positive comps may not come before the fiscal (January) 2012 2Q and/or after the company laps its aggressive clearance inventory de-stocking initiative." Miller Tabak rated Children's Place a BUY with a price target lowered from $60.00 to $53.00. Children's place closed Friday at $39.27