UPDATE: Brean Murray Lowering Price Target On New York & Company

Brean Murray is out with a research report on New York & Company, Inc. (NYSE: NWY) and is lowering the price target from $6 to $5.50, and it has a Buy rating on shares.

In a note to clients, Brean Murray writes, "We are reiterating our Buy rating and adjusting our target price to $5.50 from ($6), lowering our FY12 EPS estimate to a loss of $0.18 (from $0.05 gain) and adjusting our FY13 EPS estimate to $0.25 (from $0.33) after New York & Company's 2QFY12 loss per share of $0.15 (compared to a loss of $0.049 LY) was $0.02 below our estimate and in line with the Street."

Shares of NWY are off 91 cents to $3.30, a loss of 21.38% so far in Friday trading.