UPDATE: Piper Jaffray Downgrades Genesco to Neutral on Footwear Moderation

Piper Jaffray reduced its rating on Genesco (NYSE: GCO) from Overweight to Neutral and lowered its price target form $81 to $70. Piper Jaffray noted, "While total spend and intent to spend on footwear is still growing, it is growing at a rate 5-10ppts below prior survey periods as spending shifts toward apparel. Our estimates are unchanged as our model reflects a return to low-single digit comp rates into FY14. Further, we are mindful of the shifting channel preference from specialty to online. At this juncture, downside risk to shares appears limited but we lack conviction in a fundamental catalyst to drive shares materially higher."Genesco closed at $61.76 on Tuesday.