UPDATE: Canaccord Lowers PT on Aaron's on Lowered Q1 Estimate

In a report published Monday, Canaccord Genuity analyst Laura Champine reiterated a Hold rating on Aaron's

, but lowered the price target from $30.00 to $27.00. In the report, Champine noted, “During our visits earlier in the quarter, we saw delayed tax refunds having a notable impact in stores in the first half of Q1. AAN's lower-income customer is also facing a higher payroll tax for the first time in over two decades. We believe AAN's sales likely recovered somewhat in March but not enough to make Q1 a strong quarter. We are lowering our Q1 SSS estimate by 200bps to +2% on top of +4.8% and EPS by $0.03 to $0.68, versus consensus of $0.71. We remain on the sidelines with shares trading at 13x our 2013 EPS estimate and 6x 2013E EV/EBITDA.” Aaron's closed on Friday at $28.53.