UPDATE: Sterne Agee Downgrades the Children's Place Retail Stores to Neutral

According to Sterne Agee, The Children's Place Retail Stores

is downgraded to Neutral. Sterne Agee said that it is lowering its Q4 and yearly estimates and lowering its rating to Neutral from Buy with a reduced price target of $60, down from $62, based upon 13x our forward estimate. “The upside to our target is more limited and a Neutral rating appears more appropriate. Warm weather trends QTD both here and in Canada and the highly promotional environment in children's apparel with excess channel inventories at other retailers may make this a challenging period for PLCE.” The Children's Place Retail Stores closed yesterday at $55.65.