UPDATE: Oppenheimer Lowers PT on American Eagle to $14

Oppenheimer is out with its report today on American Eagle Outfitters

, lowering its PT to $14 from $19. In its report, Oppenheimer writes, "We believe that AEO has the talent, initiatives and balance sheet in place to support longer term growth plus an upcoming catalyst with the pending CEO announcement. Reiterate Outperform." At the time of posting, shares of AEO were trading at $10.44, down 1.51% from Wednesday's close.