UPDATE: Wedbush Lowers PT on Fred's from $14 to $12.50

Wedbush has published a research report on Fred's (NASDAQ: FRED) lowering the price target.

In the report, Wedbush wrote, "Previously reported, Q2 comps were down 0.4%, below our forecast for flat and guidance for up 1%-2%. Q2 sales were up 1% to $453 million, below our/consensus forecasts of $455/$458 million and guidance for up 2%-4%. Disappointing May sales (comps were up 0.2% vs. 3.5% LY) were attributed primarily to high gas prices and historic weather events."

Wedbush rated Fred's a Neutral with a price target lowered from $14.00 to $12.50. Fred's closed Monday at $12.78.