Why American Eagle Stock Popped Today
Shares of teen clothing retailer American Eagle Outfitters (NYSE: AEO) stock jumped 2.6% in Monday afternoon trading as of 3:15 p.m. ET -- and for a most curious reason: Investment bank J.P. Morgan just cut its price target on the clothier's stock by $3.
Image source: Getty Images.
That sounds a bit counterintuitive, but here's the thing: The price target J.P. Morgan now assigns to AE -- $29 a share -- may be $3 below what the banker previously thought the stock was worth, but $29 is also a staggering 75% more than what American Eagle Outfitters stock costs today.
Source Fool.com
