Janney Capital Downgrades Ann Inc. (ANN) to Neutral on Takeout

Janney Capital downgraded Ann Inc. (NYSE: ANN) from Buy to Neutral with a price target of $47.00 after the company agreed to be acquired for $47 per share, implying 7.7x EV/LTM EBITDA

Analyst Adrienne Yih commented, "This is a good deal for a strategic acquirer such as ASNA, in our opinion. The proposed deal values ANN at $47, a $2B EV, and 7.7x EV/LTM Adjusted EBITDA; based on our previous analysis, we had believed ANN to be an attractive takeout candidate and that both the valuation and leverage ratio would be compelling. ANN is a highly cash generative entity and best-in-class in their respective brand target markets."

For an analyst ratings summary and ratings history on Ann Inc. click here. For more ratings news on Ann Inc. click here.

Shares of Ann Inc. closed at $38.71 yesterday.

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