UPDATE: Piper Jaffray Lowers PT on Warnaco Group from $48 to $45

Piper Jaffray reiterated a Neutral rating on Warnaco Group WRC and lowered its price target from $48 to $45. Piper Jaffray commented, “We are reiterating our Neutral rating on shares of WRC following the company's Q2 earnings report. While adjusted EPS was $0.08 better than we modeled ($0.72 vs. our $0.64 estimate), the company tightened its FY12 EPS outlook to the low-end of its former range: from $4.00-$4.25 to $4.00-$4.15. We are leaving our FY12 EPS estimate unchanged at $4.00, however we are shifting sales and earnings contribution from Q3 into Q4.” Warnaco Group closed at $42.56 on Monday.