Piper Jaffray Initiates Pacific Sunwear's FY14 Estimates

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In a research report published today, Piper Jaffray has initiated Pacific Sunwear's (NASDAQ: PSUN) FY14 estimates, noting that fundamental recovery will take some time.According to Piper Jaffray, “Separately, we are initiating our FY14 estimates. While our top-line assumes a 3.9% y/y decline, we are forecasting a 2% comp gain and assume the company closes an incremental 30 doors, ending the year with 593 stores. Our EPS estimate of ($0.44) compares with the consensus mark of ($0.22).”Piper Jaffray maintains its Neutral rating and $2 PT on Pacific Sunwear, which closed yesterday at $2.51.

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