UPDATE: Oppenheimer Lowers PT on Chico's FAS on Multiple Negative Factors

In a report published Thursday, Oppenheimer analyst Anna Andreeva reiterated a Perform rating on

, but lowered the price target from $18.00 to $16.00. In the report, Oppenheimer noted, “With the stock lagging ahead of 2Q13 and short interest building, shares rallied despite across-the-board miss for the quarter (first negative comp at WHBM in 17 quarters) given commentary on qtd comps swinging to positive. While valuation got some catch-up, estimates are coming down (we are modeling flat EPS in '13), and sales/gross margin comparisons are tough in 2H13. Growth story remains compelling with hsd growth some of the best levels in our space, although the bulk of growth is coming from Soma (which just comped msd vs. dd for the past 2+ years). Yesterday's stock action could reflect inflection point in sentiment for our group as CHS was the first company to miss and trade up. Lowering PT to $16 from $18 on lowered estimates.” Chico's FAS closed on Thursday at $15.33.