BofA lowered the firm’s price target on American Eagle (AEO) to $21 from $25 and keeps a Neutral rating on the shares. The firm is lowering its FY24 EPS forecast by 9c to $1.69 to reflect a lower sales and margin forecast for Q4, noting that its reduced target reflects both the lower estimates and a reduced target multiple due to choppier near-term trends.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AEO:
- AEO Earnings: American Eagle Plummets on Disappointing Forecast
- American Eagle downgraded to Neutral from Overweight at JPMorgan
- American Eagle Outfitters Reports Strong Quarterly Growth
- Closing Bell Movers: Five Below up 13%, PVH slips 6% on earnings
- American Eagle down 13% at $17.83 after Q3 results, FY24 guidance