UPDATE: Piper Jaffray Lowers Coldwater Creek's PT

According to a research report published this morning, Piper Jaffray has lowered Coldwater Creek's

PT from $1.50 to $1.25. In the report, Piper Jaffray said, "Although traffic trends remain challenging and the adult women's apparel market continues to be promotional, we are encouraged to see an 8% increase in average ticket and a 1% increase in conversion rate. Continued progress in inventory management should help to preserve cash flow, as FQ1 inventory was down 19% y/y and management expects FQ2 inventory down in the mid-to-high teens." Piper Jaffray maintains its Neutral rating on Coldwater Creek, which closed yesterday at $0.84.