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CS First Boston Downgrades Jones Apparel to 'Hold'

CS First Boston downgraded Jones Apparel (JNY) to hold from strong buy.

Analyst Dennis Rosenberg says he cut his $3.00 2001 EPS estimate to $2.70 to reflect the low end of management's new guidance. He says management provided initial 2002 guidance at $3.40-$3.45 after eliminating $0.30 of goodwill amortization. This represents about a $0.30 shortfall from his estimate, which included goodwill amortization.

Also, Rosenberg says his prior estimate did not include an expected accretion from the McNaughton acquisition. Therefore he cut the $3.70 2002 EPS (pro forma) estimate to $3.40.

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