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American Eagle Outfitters' (NYSE: AEO) holiday sales were slightly higher than expected but an analyst sees "no real momentum" in the company's business.
Wunderlich's Eric Beder maintained a Hold rating and $11 target, saying the stock remains expensive "unless investors are really convinced" the company can beat expectations.
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Shares of the teen apparel retailer fell 4.8 percent recently to $13.91.
But given the state of the retail apparel sector "we don't see it happening" Beder said.
Related Link: Wunderlich: Muted Promotions Benefit L Brands' Holiday
Earlier Thursday, the company boosted its fourth-quarter earnings forecast to between $0.32 and $0.34 a share, from a previous estimate of $0.30 to $0.33 a share, and posted a 2 percent decline in same-store sales.
Given the small change, "we're confused why they even bothered to put out an update" to its earnings estimate, Beder said.
Teen apparel is in a "depression" and although American Eagle may be furthest along in treatment, Beder said the stock is priced at a premium, given its limited growth opportunities.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.