UPDATE: Topeka Capital Markets Downgrades Aeropostale After Earnings Report

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In a report published Friday, Topeka Capital Markets analyst Dorothy S. Lakner downgraded the rating on

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Aeropostale

(NYSE: ARO) from Buy to Hold, and lowered the price target from $18.00 to $12.00.In the report, Topeka Capital Markets noted, “While we expected a bumpy flight as ARO debuted its new assortment, we didn't anticipate the severity of the promotional environment in the teen sector. Though we still believe ARO's new assortment is the right way to go, it will take longer than we thought to gain back customers. With a big loss now expected this year and reduced earnings visibility for next year, we are downgrading ARO from Buy to Hold.”Aeropostale closed on Thursday at $10.98.