UPDATE: Credit Suisse Reiterates Neutral Rating, Lowers PT on Lumber Liquidators Holdings Following Confidence-Shaking Q3 Results

In a report published Thursday, Credit Suisse analyst Gary Balter reiterated a Neutral rating on

, but lowered the price target from $65.00 to $55.00. In the report, Credit Suisse noted, “LL's stock will likely see a double-digit sell-off today in response to a mixture of weaker-than-expected Q3 results and 10-Q commentary indicating that it will take longer for the company to see a material improvement in comparable store sales and address outstanding issues in inventory. We are reducing our EPS estimates to $2.50 and $3.16 in FY 14 and 15, respectively, and lowering our target price to $55, representing 17.5x our FY 15 EPS estimate.” Lumber Liquidators Holdings closed on Wednesday at $52.36.