Cowen Cuts Price Target on Ascena Retail Group (ASNA) to $7 Following 4Q Comp Miss
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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."
Shares of Ascena Retail Group closed at $8.12 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesCowen & Co, Earnings
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