Cowen & Co Resumes Coverage on AnnTaylor Stores (ANN) with a Neutral
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Cowen & Co resumes coverage on AnnTaylor Stores (NYSE: ANN) with a Neutral rating.
Cowen analyst says, "Over most of the past 10 years, ANN has consistently posted annual sales increases in the high-single digit to mid-teens range while continually taking market share. Since 2007, those trends have turned, and the company now finds itself underperforming the industry with a top-line that is under serious pressure and may be getting worse. We believe that 2008 guidance may be too aggressive as it implies a sequential SSS improvement...An attractive valuation is not enough to offset the historic downturn being seen at both Ann Taylor and LOFT. ANN's ample cash flows and share repurchases are intriguing, but we remain focused on a deteriorating top-line that is shedding share to competitors."
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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