UPDATE: Sterne Agee Cuts PT to $47 on The Buckle on Disappointing June Comps

Sterne Agee reiterated its Buy rating on The Buckle

and lowered its price target on shares from $50 to $47 in a research report published today. In the report, Sterne Agee stated, "We are lowering our Q2 EPS estimate to $0.49 from $0.52 and lowering our yearly projections to $3.36/$3.59 from $3.44/$3.68 for FY12/FY13. Our price target is cut to $47 from $50 (13x forward). Our Buy rating is maintained but we note difficult comparisons ahead, especially in regard to denim, which is likely a near-term pressure." Shares of The Buckle were trading at $37.56 at the time of posting, down 5.27% from Tuesday's market close.