DA Davidson analyst John Morris lowered his price target on Duluth Holdings to $15 and kept his Neutral rating after its Q1 earnings miss, saying that the company's commentary also indicates "weak trends" experienced thus far in Q2. The analyst notes that the management has cited "increased clearance activity, reduced traffic, and shipping revenue headwinds" contributing to the slow Q2 start, along with a the "stubborn" weather transition that weighed on Q2 gross margin comps. Morris also lowers his FY19 and FY20 EPS targets by 3c and 19c to 74c and 88c respectively, but believes that the management's efforts on reducing expenses while expanding its geographic footprint should improve performance in the second half of the year.