Nov 12 (Reuters) - Goldman Sachs initiated coverage of Buckle Inc (BKE.N: Quote, Profile, Research) with a "sell" rating, as it sees few sustainable drivers to the teen apparel retailer's earnings growth.

"There is limited store opening potential from here and the company is operating at peak margins. Thus, earnings growth is dependent on inflection points in execution or trend cycle, which we view as a negative," the brokerage said in a note to clients.

Goldman said Buckle's periods of outperformance are typically limited to 3-4 years.

The brokerage said during the company's past down-cycles shares sold off sharply in response to negative comparable sales and Goldman expects shares to fall further as comparable sales are still in the positive mid-single digit range.

Goldman's 6-month price target for the company is $27.

Shares of Buckle closed at $30.29 Wednesday on the New York Stock Exchange. (Reporting by Shobhana Chadha in Bangalore; Editing by Jarshad Kakkrakandy)