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J.P. Morgan Clips American Eagle's Wings

J.P. Morgan downgraded American Eagle Outfitters (AEOS) to long term buy from buy.

Analyst Thomas Filandro says this a challenging environment overall. He adds that the weather is not conducive to spring selling, and that the company has delayed its catalog mailing. He cut his 1%-3% higher February same store sales estimate to a -1% to -3% range. Filandro maintains his $1.57 fiscal 2002 (Jan) EPS estimate, and kept his $1.87 fiscal 2003 estimate.

He says the catalog mailing delay will shift business out of February, hopefully into March. Filandro thinks American Eagle has the best looking store for target customers, but that the U.S. economy is in a more challenging environment than anyone understands.

He has a $40 18-month target.

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