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CIBC World Cuts American Eagle Estimates

CIBC World cut estimates on American Eagle Outfitters (AEOS).

Analyst Dorothy Lakner says management guided first quarter estimates lower due to weaker than expected sales in February and March. As a result, she cut her $0.22 first quarter EPS estimate to $0.16, and trimmed the $1.90 fiscal 2003 (Jan.) estimate to $1.71. Lakner says, although the first quarter will be weaker than expected -- with March comparable sales (sales at stores open for more than one year) down 1.3%, below her estimate of flat to slightly down comparable sales -- she believes continued strength in menswear and new fashion items arriving for women will pick up the pace in sales. She maintains her strong buy rating and keeps her $40 price target.

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