UPDATE: Piper Jaffray Downgrades Aeropostale to Neutral, Lowers PT

In a report published Friday, Piper Jaffray & Co. downgraded its rating on Aeropostale

from Overweight to Neutral, and lowered its price target from $15.00 to $13.00. Piper Jaffray noted, “Amid further deceleration in underlying business trends, we are heavily conflicted in our view. Near-term revenue stability is lacking and execution risk remains. We think shares will continue to trade at depressed levels until investors can rule out concern that persistent topline inconsistencies are not a brand equity issue. We may be downgrading shares at their low point, but we have limited conviction that shares will outperform until the company is able to deliver consistent quarter to quarter sales and margin improvement. Holiday sales declined 9%, well below expectations and the industry average rate lending to further estimate reductions. Our price target moves from $15 to $13 based on 13x our FY14E EPS.” Aeropostale closed on Thursday at $13.24.