UPDATE 1-Friedman cuts Aeropostale to market perform

(Recasts; adds details)

Oct 29 (Reuters) - Friedman Billings Ramsey downgraded Aeropostale Inc (ARO.N) to "market perform" from "outperform," saying challenging macroeconomic environment and tougher compares will keep the stock from rising above the brokerage's $28 price target.

"We recommend investors scale back positions into strength as the stock approaches our price target," analyst Adrienne Tennant wrote in a note to clients.

Tennant said although all retailers may fall victim to the poor holiday season, it expects lower-priced retailers such as Aeropostale to benefit from a "trade down" phenomenon.

Aeropostale stock closed at $24.46 Tuesday on the New York Stock Exchange. (Reporting by Anand Basu in Bangalore; Editing by Anil D'Silva;)