UPDATE: Piper Jaffray Lowers PT to $7.50 on Hot Topic

A report from Piper Jaffray reiterates its Neutral rating and lowers its price target from $8 to $7.50 on Hot Topic (NASDAQ: HOTT).

The report states, “We remain Neutral and are revising our estimates following the company's lighter-than-expected Q3 sales report in which the company reported a (1.6%) decline—below our estimate and the Street's of +1.4% and the positive low-single digit guidance provided by management. The company also issued Q4 EPS guidance of $0.16-$0.20--below our $0.21 estimate and versus the Street's $0.20 estimate."

HOTT closed yesterday at $7.02.