Piper Jaffray Reiterates NWY Rating; Lowers FY12 EPS

Piper Jaffray is reiterating its Neutral rating on New York & Company NWY shares and lowering its FY12 EPS outlook following the company's Q3 earnings report. “We remain on the sidelines, preferring to wait for consistency in performance – a major historical issue for NWY – even if we have to ‘buy the stock higher,'” Piper Jaffray writes. “We will be looking to the coming quarters to hear about learnings from new CEO Greg Scott and potential process changes that may lead to sustainability of consistent performance.” New York & Company currently trades at $3.43.