Barclays downgraded American Eagle (AEO) to Equal Weight from Overweight with a price target of $17, down from $19. The firm says the company’s competition is intensifying. It cites ongoing price competitiveness in American Eagle’s key categories such as denim and intimates, a belief that Victoria’s Secret’s (VSCO) course-correction could challenge the Aerie brand, and negative sales-to-inventory inflection that occurred in Q3 for the downgrade.
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- Victoria’s Secret price target lowered to $40 from $50 at Telsey Advisory
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- Victoria’s Secret price target lowered to $35 from $40 at BofA
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