UPDATE: Morgan Stanley Reiterates Underweight Rating, Lowers PT on Aeropostale as Turnaround is Increasingly Unlikely

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In a report published Friday, Morgan Stanley analyst Kimberly C. Greenberger reiterated an Underweight rating on

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Aeropostale

(NYSE: ARO), but lowered the price target from $3.00 to $2.50.In the report, Morgan Stanley noted, “We estimate ARO burned ~$41M during 2Q, driven by 1) $33M operating cash burn net of capex and D&A, 2) ~$5M in inventory net of payables,and 3) $3M in consulting fees.For 3Q, management guided to a $33-37M operating loss. Including ~$6M capex and excluding $15M D&A leads ARO to a ~$26M 3Q cash burn given the guidance midpoint.This quarter ARO will not benefit from a 3Q tax refund check as it did in 2Q and is unlikely to see another government refund until 2Q15.”Aeropostale closed on Thursday at $3.91.