UPDATE: Wedbush Raises PT to $2 and Reiterates Underperform Rating on Pacific Sunwear on Q4 Miss

Wedbush analyst Betty Chen published a report on Pacific Sunwear that reiterated its Underperform rating and raised the price target from $1.60 to $2. Wedbush reported that , " We continue to recommend investors avoid shares of PSUN as a Q4 miss and below consensus Q1 guidance indicates a meaningful turnaround may take time to materialize. Although we recognize the potential negative impact of difficult macro and cooler weather (stores located in NE and Central –MSD comps vs. +LSD-MSD comps in warmer regions), we note decelerating comp trends suggests the retailer continues to struggle with soft traffic and an inability to consistently reach the core women and juniors' customer.” Shares of Pacific Sunwear closed at $2.44 on Wednesday.