UPDATE: J.P. Morgan Lowers Price Target on Chico's FAS to $14

According to J.P. Morgan, Chico's FAS

price target is lowered to $14. J.P. Morgan said that CHS hosted an analyst event with CFO Pan Knous and newly appointed VP, IR, Todd Vogensen. “We are modeling EPS of $0.80 and $0.94 for FY11 and FY12 ($0.82/$1.00 previously) following the 3Q11 report and are lowering our Dec-2012 price target to $14 (from $16) based on 14- 15x our 2012 estimate (slightly below the prior 15-16x given the current environment and heavier inventory builds), in line with the average group P/E multiple.” Chico's FAS closed yesterday at $10.33.