UPDATE: Oppenheimer Downgrades Ascena Retail Group (ASNA) to Perform
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
(Updated - September 20, 2016 9:21 AM EDT)
Oppenheimer downgraded Ascena Retail Group (NASDAQ: ASNA) from Outperform to Perform and removed its price target (prior $12.00). The downgrade followed disappointing Q4 results.
Analyst Anna Andreeva said, "ASNA's F4Q16 EPS miss is disappointing with weaker July (traffic down HSD) costing half the earnings miss as predicting the future across a multiple brand portfolio in today's retail environment is becoming a bigger challenge (good results over "events", weaker in between). Justice turnaround proceeding on plan, with QTD comps positive, even post key back-to-school; rest of the portfolio is showing additional cracks (DB, Maurices, ANN and Catherine's all decelerated), with QTD trend negative across all brands but Justice. After-hours, the stock is trading at 12x FY17E (calendar) reflecting portfolio volatility; while F1Q17 guide looks conservative and ASNA fits the bill for 2H margin recovery on top of easing compares, 2H17 still embeds hockey stick."
Shares of Ascena Retail Group closed at $8.12 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Pivotal Research Downgrades Kroger (KR) to Hold
- Dougherty & Co Starts Quality Systems (QSII) at Neutral
- Oppenheimer Cuts Price Target on Workday (WDAY) Following 3Q; Reiterates Outperform
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Downgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!