Piper Jaffray Upgrades AnnTaylor Stores (ANN) to Neutral
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Piper Jaffray upgrades AnnTaylor Stores (NYSE: ANN) from Sell to Neutral with a $23 price target, citing valuation.
Commenting on AnnTaylor, the firm said, "While we continue to observe incremental discounting and promotional activity at both the LOFT and core Ann Taylor divisions of ANN, we are moving to a Neutral rating (from Sell) as ANN shares have fallen below our price target along with a significant decline in the broader marke yesterday." The firm also said investor appetite for consumer discretionary stocks is increasing despite eroding fundamentals in retailing.
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