Citi Upgrades Ann Taylor Stores (ANN) to Hold
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Citi upgrades Ann Taylor Stores Corp (NYSE: ANN) from Sell to Hold. Price target $27.
Citi analyst says, "Although we are impressed with management's ability to deliver EPS despite weak traffic and comp results (given tight inventory management and aggressive expense controls) and believe current guidance is appropriately conservative, we believe the stock could trade sideways given deteriorating sales results amid weakening consumer spending. Additionally, comp improvement may be delayed given ongoing consumer spending pressures and the heavily promotional environment."
AnnTaylor Stores Corporation, through its wholly owned subsidiaries, operates as a specialty retailer of women's apparel, shoes and accessories that are sold primarily under the Ann Taylor, Loft, Ann Taylor Loft (LOFT) and Ann Taylor Factory brands.
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