UPDATE: Piper Jaffray Downgrades Gordmans Stores to Neutral Following Q4 Earnings Report
PIper Jaffray analyst Neely J.N. Tamminga published a report on Gordmans Stores (NASDAQ: GMAN) that downgraded the stock from Overweight to Neutral and lowered the price target from $16.00 to $13.00.
In the report, Piper Jaffray wrote, "Management indicated that it expects Q1 same-store sales to be down in the low-double digits in Q1, reflecting a challenging spending environment for moderate-income consumers as well as unseasonable weather across much of the country thus far in the quarter. It appears that current inventory levels are higher than were previously anticipated, and we believe that the gross margin weakness that management anticipates in Q1 as a result could potentially carry through to future quarters if moderate-income consumer spending on apparel continues to be challenged."
Shares of Gordmans Stores closed Monday at $14.22.
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