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UPDATE: Piper Jaffray Downgrades Coldwater Creek Following Company FQ2 Report

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In a report published Wednesday, Piper Jaffray analyst Neely J.N. Tamminga downgraded the rating on Coldwater Creek (NASDAQ: CWTR) from Overweight to Neutral, and lowered the price target from $9.00 to $5.00.

In the report, Piper Jaffray noted, “We are moving to Neutral on CWTR shares following the company's FQ2 report in which it reported EPS of ($0.54). SSS were down 7.3% driven primarily by a decline in traffic. Management discussed cautious guidance for FQ3 in view of the unspectacular FQ2 results and a lack of turnaround in traffic QTD in FQ3. Management expects FQ3 SSS to be down in the high-single-digits and gross margin to be flat to slightly down.”

Coldwater Creek closed on Tuesday at $2.74.

Latest Ratings for CWTR

DateFirmActionFromTo
Sep 2013Ascendiant CapitalDowngradesBuyNeutral
Sep 2013PiperJaffrayDowngradesOverweightNeutral
Jun 2013B. Riley FBRDowngradesBuyNeutral

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Posted-In: Neely J.N. Tamminga Piper JaffrayAnalyst Color Downgrades Analyst Ratings

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