** Brokerage Morgan Stanley cuts apparel maker American Eagle Outfitters' PT to $15 from $17
** New PT represents 16.6% downside to stock's last close of $17.99
** Brokerage says it is fearful of a reversion from current highs due to gross margin miss and disappointing Q3 results
** Adds, both sales and gross margin missed expectations, which management attributed to unfavorably warm weather and customer gravitation towards spring-summer clearance product
** Co cut annual sales target on Dec. 4 due to underperformance of Q3 sales, inconsistency in digital channel and choppiness in non-peak selling periods, coupled with softer pre-Black Friday trends
** Two of 11 brokerages rate the stock "buy", eight "hold" and one "sell"; their median PT is $20.50
** YTD the stock down 15% as of last close
(Reporting by Aamir Sohail in Bengaluru)
((Aamir.Sohail@thomsonreuters.com;))
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