After downgrading Regis Corporation to Underweight earlier today, Piper Jaffray analyst Stephanie Wissink upgraded the stock back to Neutral after speaking to management. The analyst previously believed that the Department of Labor's overtime rule change would cost the company $81M on a full year basis. However, after speaking to the company and learning that store level managers are not salaried, Wissink believes the annual cost of the rule change is likely to be in the $5M-$10M range. The analyst raised her price target to $12 from $8, $1 below her target before today's downgrade. Regis shares remain down 8% to $12.46, but are well off their lows on the day.