UPDATE: Piper Jaffray Lowers PT on Lumber Liquidators to $21 (LL)

Piper Jaffray is out with its report today on Lumber Liquidators LL, lowering its price target from $23 to $21. In a note to clients, Piper Jaffray writes, "We are maintaining our Neutral rating but are lowering our PT from $23 to $21 following LL's Q4 results. LL achieved a +1.2% comp in Q4 vs. PJC of +2% and continued to be hurt by the productivity challenges resulting from SAP implementation in Q3. While we believe that 40 to 50 store additions in F11 will be good for LL over the long-term (including 5 to 10 in Canada), Q1 results will be challenged by a slow start to Jan and residual issues with SAP implementation." Shares of LL closed Wednesday at $24.44, down 10.61% from Tuesday's close.