B. Riley FBR analyst Jeff Van Sinderen downgraded Tuesday Morning to Neutral from Buy and lowered his price target for the shares to $2.40 from $3.00. While supply chain efficiencies continued to benefit the company's gross margin in fiscal Q3, the headwind of the calendar and promotional shifts "were exacerbated by unfavorable weather and generally soft traffic," Van Sinderen tells investors in a research note. The analyst's channel checks suggest that seasonal spring items may have suffered most at Tuesday Morning. Further, with a backdrop of intensified promotional activity in the space, the company's traffic was challenging, says the analyst.