UPDATE - Barclays Downgrades Ann, Inc (ANN) to Underweight; Ongoing Product and Pricing Concerns
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Price: $30.91 -1.34%
Rating Summary:
8 Buy, 10 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Rating Summary:
8 Buy, 10 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Trade ANN Now!
UPDATE - Barclays downgrades Ann, Inc (NYSE: ANN) from Overweight to Underweight. PT cut from $31 to $19.
Shares dropped at the open, but have since made a comeback and are now trading in positive territory by $0.14 (to $23.07). Other Wall Street firms have downgraded shares and/or lowered numbers recently...after ANN pre-announced quarterly revenues and announced the resignation of a brand executive.
Barclays analyst, Stacy Pac, said, "While it's hard to argue the shares are expensive (they are trading at 11 times forward consensus and the stock is down 7% year-to-date vs. the group up 7% and the S&P 500 up 7%), we see additional downside to the 200-day moving average (17% downside from the current price)."
Pak also commented on ANN's pre-announcement..."the company indicated the Q4/11 gross margin would be 300 basis points below prior guidance (49% vs. 52%) and we calculate that the gross margin in the core Ann Taylor business was down approximately 1,000 basis points. In other words, the divisional model is not offsetting as previously expected."
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Shares dropped at the open, but have since made a comeback and are now trading in positive territory by $0.14 (to $23.07). Other Wall Street firms have downgraded shares and/or lowered numbers recently...after ANN pre-announced quarterly revenues and announced the resignation of a brand executive.
Barclays analyst, Stacy Pac, said, "While it's hard to argue the shares are expensive (they are trading at 11 times forward consensus and the stock is down 7% year-to-date vs. the group up 7% and the S&P 500 up 7%), we see additional downside to the 200-day moving average (17% downside from the current price)."
Pak also commented on ANN's pre-announcement..."the company indicated the Q4/11 gross margin would be 300 basis points below prior guidance (49% vs. 52%) and we calculate that the gross margin in the core Ann Taylor business was down approximately 1,000 basis points. In other words, the divisional model is not offsetting as previously expected."
To see more ratings on ANN, Click Here
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