Morgan Stanley cut their earnings per share by 31% today and...

Morgan Stanley cut their earnings per share by 31% today and their price target from $9 to $7.90 (big help)

"The company has had a challenging start to the
year, with comparable store sales declining by 5.4% in
1Q-15, impacted by negative consumer sentiment and a
number of disruptions. The outlook remains challenged,
in our view, and we downgrade our comp sales forecast
to -1% from 1% growth. "

We retain an Equal-weight rating: The share price
implies a 15x P/E on our revised FY15 forecasts – not
cheap, and it could see further downside if conditions
worsen significantly. However, we believe the market
will look past this as a clear strategy is communicated
and a base in earnings is formed in FY15.

hmmmmm