JPMorgan downgraded American Eagle (AEO) to Neutral from Overweight with a price target of $23, down from $27, following the Q3 report. The company’s same-store-sales growth of 3.0% missed management’s guidance at the midpoint and it saw gross margin contraction, the analyst tells investors in a research note. The firm cites American Eagle’s lowered fiscal 2024 outlook for the downgrade.
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- American Eagle Outfitters Reports Strong Quarterly Growth
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- American Eagle down 13% at $17.83 after Q3 results, FY24 guidance
- American Eagle sees Q4 revenue down 4% from last year
- American Eagle sees FY24 operating income $428M-$433M vs. $375M in FY23