While investors may be enticed by the success of American Eagle's (AEO) women's intimate brand, Aerie, and the company's depressed multiple, I do not believe the stock is a compelling investment opportunity. American Eagle's legacy brand (84% of FY 2018 sales) is fundamentally positioned such that it is liable to promotional pricing amidst the distressed retail industry. Promotions have consistently damaged historical gross margin, and future gross margin is the largest determinant of American Eagle's intrinsic value, per my DCF model. In addition, American Eagle's management team is focused on growth and market share, not