UPDATE: Miller Tabak Reiterates Buy Rating, Lowers PT on The Men's Wearhouse

In a report published Monday, Miller Tabak + Co. reiterated its Buy rating on The Men's Wearhouse

, but lowered its price target from $40.00 to $38.00. Miller Tabak noted, “We reiterate our Buy rating but are lowering our target price to $38 from $40. The primary risk to the achievement of our target price objective is the development of a U.S. recessionary macro environment in the 2013 fiscal (January) first half which could push our macro and replacement cycle driven earnings power thesis down and/or out further on the timeline. Our target price is based on the less 13 times the mid-point ($3.00) of the earnings power range of $2.85 to $3.15.” The Men's Wearhouse closed on Friday at $30.49.