UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Aeropostale Following Weak 2Q Results

In a report published Friday, Jefferies analyst Randal J. Konik reiterated a Buy rating on

, but lowered the price target from $20.00 to $15.00. In the report, Jefferies noted, “In what's beginning to feel like deja vu across teen retail this season, ARO slashed expectations for 3Q following a weak 2Q and similar implosions at peers. Traffic declines and a highly competitive environment were to blame, rendering improvements in merchandise null and void for now. We still see opportunity here, but believe mgmt needs to be more aggressive with its strategic initiatives to effect meaningful change. Maintain Buy, PT to $15.” Aeropostale closed on Thursday at $10.98.