UPDATE: Piper Jaffray Lowers PT on Warnaco Group from $54 to $48

Piper Jaffray reiterates a Neutral rating on Warnaco Group

and lowers its price target from $54 to $48. Piper Jaffray comments, “We are reducing our estimates and price target as recent retail sales data and meetings with brands and retailers point to continued weakness in Southern Europe. Furthermore, FX has become a larger headwind, we estimate 350bp for FY12 compared to guide of 200bp. While we maintain a favorable opinion of the company's global direct- to-consumer expansion, we believe near-term trends will remain under pressure until macroeconomic conditions improve. Our new price target is $48 based on 12x our FY12 EPS of $4.00 versus our prior $54 target (13x FY12 EPS of $4.17).” Warnaco Group closed at $43.04 on Friday.