-=Stitch Fix (SFIX) downgraded by Piper Jaffray

Shares of Stitch Fix Inc. SFIX, -12.50% are down 10% in Thursday morning trading after Piper Jaffray analyst Erinn Murphy downgraded the stock to neutral from overweight. "We continue to like the development of the business model, appreciate its value for softlines vendors in addition to customers, and acknowledge management's execution year to date," Murphy wrote. Still, she thinks the current stock price doesn't allow much room for competitive threats, rising pressure from customer-acquisition costs, or a potential macroeconomic slowdown in consumer spending. "We note Amazon's Prime Wardrobe is now advertising in key NFL slots and the company is testing a personalized recommendation service (Scout) for certain categories including footwear per CNBC," she wrote. Murphy raised her price target to $43 from $29. The stock is up 62% so far this year, while the S&P 500 SPX, +0.72% has gained 9.3%.