UPDATE: JP Morgan Cuts PT to $13 on Aeropostale on Reduced Guidance

JP Morgan reiterated its Neutral rating on Aeropostale

and reduced its price target from $14.00 to $13.00. JP Morgan commented, "[A]lthough ARO is seeing measured success, the ultimate progress remains a work in progress. As such, we will continue to monitor the company's execution for signs of an ability to drive greater reg price sell-through as they continue their move to become more of a fashion retailer and less of a basics retailer. However, in the interim, with volatile trends and still room for sales productivity to decline from $540/ft, we choose to remain sidelined until there is greater clarity around their ability to turn the business into more of a fashion resource for its core customer." Aeropostale closed at $12.38 on Friday.