UPDATE: Piper Jaffray Reduces PT to $1 on Coldwater Creek Following FQ2 Report

Piper Jaffray reiterated its Neutral rating on Coldwater Creek

and reduced its price target from $1.25 to $1 a share. Piper Jaffray noted, "We are reiterating our Neutral rating and adjusting our price target from $1.25 to $1.00 on CWTR following Coldwater Creek's FQ2 earnings report. Same-store sales were down 6.5% y/y in FQ2, driven primarily by a 12.8% decline in traffic, while conversion rate and average unit retail were both up. Continued tight inventory management should help to preserve cash flow, as FQ2 inventory was down 12.2% y/y and management expects FQ3 inventory down in the mid-single-digits." Coldwater Creek closed at $0.60 on Wednesday.