West Marine Downgraded By B. Riley

West Marine Inc WMAR, a specialty retailer of boating supplies, gear and other water life-related products, suffered a downgrade from Buy to Neutral by B. Riley analysts Tuesday.

Channel checks are indicating soft East Coast usage trends, according to the investment banker’s research. In addition to the downgrade, B. Riley reduced its forecasted increase in same-store sales for West Marine from 3.4 percent to 2 percent, and EPS estimates from $0.32 to $0.25.

West Marine’s price target was cut from $12 to $10, which still indicates B. Riley sees 14 percent upside from where shares traded at $8.75 just before Tuesday’s close.