Jesup & Lamont Initiates Coverage on AnnTaylor Stores (ANN) with a Hold; Valuation Call

Jesup & Lamont initiates coverage on AnnTaylor Stores Corporation (NYSE: ANN) with a Hold rating.
Jesup analyst says, "New divisional Presidents and design talent has energized the fall product in both Loft and Ann Taylor Stores (ATS). New operational expertise should give ANN’s CEO space to focus on results and consistency...We expect that overall merchandise margins will be improved vs. last year given much lower inventory levels and improved product. We expect that Loft has made more progress than Ann Taylor in driving margin gains this quarter as ATS appears to have some product, mix and pricing missteps...ANN had $210 million in cash and equivalents on its balance sheet at the end of 2Q09, or $3.61 per share. ANN continues to have no long term debt."

To see more analyst ratings on ANN Click Here.

AnnTaylor Stores Corporation, through its subsidiaries, operates as a specialty retailer of women's apparel, shoes, and accessories under the Ann Taylor, LOFT, Ann Taylor Factory, and LOFT Outlet brands in the United States.

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