Wunderlich Securities Lowers FY16 Projections for Aeropostale, Inc.

In a report published Friday, Wunderlich Securities analyst Eric Beder reiterated a Hold rating and a $3.50 price target on

. In the report, Wunderlich Securities noted, "We are reiterating our Hold rating, $3.50 price target, and materially lowering our FY16 projections after Aeropostale (ARO) released a slight 4Q upside, but put a damper on pre-Fall results. We believe that Aero is on the right track but we have yet to see the changes fully come to fruition and will really not see the fruits of new CEO Julian Geiger's work until the Back to School season. Management has redefined the core consumer, overhauled merchandising fulfillment by being store specific, and focused on volume drivers that will apparently create demand and drive sales...all of this, frankly, does not mean a ‘hill of beans' until it can drive a turn at the company. We will remain on the sidelines until we see real proof that the current changes will drive fruit for investors." Aeropostale, Inc. closed on Thursday at $3.70.