According to a research report published earlier today, Sterne Agee has lowered Children's Place Retail Stores Inc.'s PLCE PT from $54 to $50.
In the report, Sterne Agee explained, “We are lowering our Q1 and yearly estimates to $1.06 and $3.10/$3.77 for FY12/FY13, respectively from $3.36/$4.18 previously. Our price target is cut from $54 to $50, reflecting a valuation of 13.3x forward, and our Neutral stance is maintained. Some 80% of PLCE earnings will be back-end weighted as the first half, and in particular Q1, will be pressured by higher product costs along with transitional issues in outlets and in Canada.”
Sterne Agee maintains its Neutral rating on Children's Place, which is currently trading at $50.79.
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