UPDATE: Piper Jaffray Downgrades Cabela's to Neutral, Lowers PT

In a report published Friday, Piper Jaffray & Co. downgraded its rating on Cabela's

from Overweight to Neutral, and lowered its price target from $63.00 to $47.00. Piper Jaffray noted, “We are downgrading shares of CAB to Neutral following Q3 results that were below our expectations and our view that upside to estimates will be more limited going forward. Q3 EPS of $0.60 was shy of our $0.61 estimate as both sales and margins were lighter than expected. While the shortfall was relatively small, we are concerned that sales growth will be increasingly costlier in the form of advertising and free shipping. Our new $47 PT (from $63) is based on 15x FY13E EPS and still represents a premium to the 12.4x historical average, which we believe is appropriate given accelerating retail store growth.” Cabela's closed on Thursday at $46.10.