Piper Jaffray Initiates Pacific Sunwear's FY14 Estimates

In a research report published today, Piper Jaffray has initiated Pacific Sunwear's

FY14 estimates, noting that fundamental recovery will take some time. According to Piper Jaffray, “Separately, we are initiating our FY14 estimates. While our top-line assumes a 3.9% y/y decline, we are forecasting a 2% comp gain and assume the company closes an incremental 30 doors, ending the year with 593 stores. Our EPS estimate of ($0.44) compares with the consensus mark of ($0.22).” Piper Jaffray maintains its Neutral rating and $2 PT on Pacific Sunwear, which closed yesterday at $2.51.