UPDATE: Stifel Nicolaus Reduces PT to $20 on Gordmans Stores

Stifel Nicolaus reiterated its Buy rating on Gordmans Stores

and reduced its price target from $24 to $20. Stifel Nicolaus commented, "Following our meetings with GMAN management, we believe that the company's challenges will likely be limited primarily to 3Q and anticipate incremental improvement beginning in 4Q and 2013. Management indicated … that traffic remains weak across all of the markets; however, average transaction value is up in stores. In addition, the investment in new merchandising initiatives will likely prove beneficial in 4Q and beyond." Gordmans Stores closed at $14.20 on Monday.