UPDATE: Bank of America Initiates Coverage on Buckle

According to a research report published this morning, Bank of America has initiated The Buckle (NYSE: BKE) with an Underperform rating and $42 PT.In the report, Bank of America said, "Buckle is a specialty retailer of primarily branded sportswear targeting middle- and upperincome women and men in their 20's and 30's. The company has performed well over the last five years, with strongly positive comps and margin expansion, but we think further progress on these metrics will be difficult and we expect slower square footage growth. We are modeling a three year EPS CAGR of 7%, which is slower than peers, and is likely to keep stock appreciation below that of other retailers."The Buckle closed yesterday at $42.87.