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.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on AEO:
- 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
- American Eagle sees Q4 revenue down 4% from last year
- American Eagle sees FY24 operating income $428M-$433M vs. $375M in FY23
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
