Janney Montgomery Scott Maintains a 'Buy' on AnnTaylor (ANN); Lowering 2Q11 EPS Given Deceleration at Stores Division

Janney Montgomery Scott maintains a 'Buy' on AnnTaylor Stores (NYSE: ANN), PT cut to $30.

JMS analyst says, "Based on our decelerating channel checks, we are lowering our estimates and fair value. FY11 goes to $1.80 from $1.89 (Street is at $1.83) and FY12 remains at $2.02 (Street is at $2.20). We are lowering our fair value to $30 from $34, which is 15x (based on a 15% three-year earnings growth rate) of our FY12 EPS of $2.02."

For more ratings news on AnnTaylor Stores click here and for the rating history of AnnTaylor Stores click here.

Shares of AnnTaylor Stores closed at $26.88 yesterday.

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