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The shares of trendy retailer American Eagle Outfitters have bounced back from their weak start this morning to edge back above breakeven following a downgrade. The company was lowered at Merrill Lynch to "sell." Analyst Lorraine Maikis cited high management earnings targets and inventory for the action. "We think estimates are too high for fiscal 2007 and fiscal 2008, and expect earnings adjustments to be a negative catalyst for the stock," she wrote in a note to clients. "Entering what may be a weak consumer spending environment, we are looking for turnarounds, companies that have managed inventory well or those that can cut costs."
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