Morgan Stanley to Investors: American Eagle Is No Longer a Sell
Investment bank Morgan Stanley removed its sell rating from American Eagle Outfitters (NYSE: AEO) stock this morning, upgrading the teen and young adult clothing chain stock to "equalweight" (hold) with a new price target of $11 a share (up $2 from the previous target). In fact, American Eagle's first-quarter earnings report, released yesterday and covering essentially the entire period of the pandemic through May 2, 2020, was pretty abysmal. Sales declined 38% year over year and American Eagle lost $1.54 per share.
