UPDATE: Piper Jaffray Lowers PT on Kirkland's to $12

Piper Jaffray is out with its report today on Kirkland's (NASDAQ: KIRK), lowering its PT from $15 to $12.

In a note to clients, Piper Jaffray writes, "We are lowering our EPS estimates as follows: from $0.09 to $0.04 in FQ2; from $1.20 to $1.02 in FY12; and from $1.44 to $1.22 in FY13. We are lowering our price target from $15 to $12, which is based on 10x (same multiple) our FY13 EPS estimate."

Piper Jaffray reiterates Neutral on KIRK.

Shares of KIRK closed Friday at $13.50, down 9.70% from Thursday's close.