UPDATE: Piper Jaffray Lowers PT on Big 5 Sporting Goods (BGFV)

Piper Jaffray is out with its report on Big 5 Sporting Goods

, lowering its PT from $14 to $13. In a note to clients, Piper Jaffray writes, "We maintain our Neutral rating but are lowering our PT from $14 to $13 based on 12x (unchanged) our F11E EPS of $1.05. Risk factors include geographic concentration of stores, competition, financial leverage, weather, and general economic conditions." Shares of BGFV closed Wednesday at $12.26.