Cowen Cuts Price Target on Ascena Retail Group (ASNA) to $7 Following 4Q Comp Miss

September 20, 2016 7:18 AM EDT
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Price: $4.89 +2.95%

Rating Summary:
    8 Buy, 8 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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Cowen maintained a Market Perform rating on Ascena Retail Group (NASDAQ: ASNA) and cut the price target to $7.00 (from $8.00), following the company's 4Q earnings report. ASNA's 4Q miss was driven by a comps miss, as comps came in -4% vs. the Street at -2.3%.

Analyst Oliver Chen commented, "ASNA shares are down ~20-25% after hours as 4Q EPS misses; 1Q comp guide is weak (-4% vs. St. +0.9%); & FY17 EPS is below the Street. Also, net debt to EBITDA ratio is ~1.9x. We worry on inconsistent customer trends, persistent traffic headwinds, & pricing struggles as consumer is acclimated to promos. Next catalyst is Oct. Investor Day."

For an analyst ratings summary and ratings history on Ascena Retail Group click here. For more ratings news on Ascena Retail Group click here.

Shares of Ascena Retail Group closed at $8.12 yesterday.

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