Piper Jaffray Lowers Coldwater Creek Rating To Neutral; FQ3 Sales To Blame

In view of a material miss to FQ3 sales, Piper Jaffray is lowering its investment rating from Overweight to Neutral on Coldwater Creek, Inc. CWTR shares. “No doubt, we believed this fall season would have showcased a stepped-up level of fashion and product innovation for Coldwater under the direction of the company's founder; this clearly has not come to pass,” Piper Jaffray writes. “At this point, the shares will likely open at significantly lower levels and reflect a ‘throwing in the towel' response; we believe our Neutral rating assumes the shares could be held in abeyance for more than a season or two.” Coldwater Creek currently trades for $5.36.