Barclays Reiterates an 'Overweight' on AnnTaylor Stores (ANN); Q3 2011 Earnings Review
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Price: $44.89 --0%
Rating Summary:
4 Buy, 15 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
4 Buy, 15 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Barclays reiterates an 'Overweight' on AnnTaylor Stores (NYSE: ANN) price target of $36.00.
Barclays analyst says, "ANN reported Q3 2011 EPS of $0.61, $0.02 better than our estimate of $0.59, and consensus of $0.58. The beat to our number was due to lower-than-expected SG&A expense. Given commentary about weakness in women's during earnings season (Urban Outfitters (Nasdaq: URBN), down double digits at Gap (NYSE: GPS), weak at Ross Stores (Nasdaq: ROST), etc.), the weaker-than-anticipated trend at Ann Taylor Stores, ANN's lack of commentary about November, and inventories that appear high relative to sales, ANN shares underperformed meaningfully on Friday, down 7.0% versus the 1.2% decline in our universe and the 0.04% decline in the S&P 500."
"We think it makes sense to maintain conservative comp and margin assumptions for Ann Taylor Stores and are lowering our Q4 estimate accordingly to $0.29 from $0.35 and 2011 to $1.88 from $1.92, but we are maintaining 2012 at $2.40 due to the strength of the divisional model. We think the sell-off is overdone, and that ANN shares represent an attractive opportunity for more patient investors."
For an analyst ratings summary and ratings history on AnnTaylor Stores click here. For more ratings news on AnnTaylor Stores click here.
Shares of AnnTaylor Stores closed at $23.53 yesterday.
Barclays analyst says, "ANN reported Q3 2011 EPS of $0.61, $0.02 better than our estimate of $0.59, and consensus of $0.58. The beat to our number was due to lower-than-expected SG&A expense. Given commentary about weakness in women's during earnings season (Urban Outfitters (Nasdaq: URBN), down double digits at Gap (NYSE: GPS), weak at Ross Stores (Nasdaq: ROST), etc.), the weaker-than-anticipated trend at Ann Taylor Stores, ANN's lack of commentary about November, and inventories that appear high relative to sales, ANN shares underperformed meaningfully on Friday, down 7.0% versus the 1.2% decline in our universe and the 0.04% decline in the S&P 500."
"We think it makes sense to maintain conservative comp and margin assumptions for Ann Taylor Stores and are lowering our Q4 estimate accordingly to $0.29 from $0.35 and 2011 to $1.88 from $1.92, but we are maintaining 2012 at $2.40 due to the strength of the divisional model. We think the sell-off is overdone, and that ANN shares represent an attractive opportunity for more patient investors."
For an analyst ratings summary and ratings history on AnnTaylor Stores click here. For more ratings news on AnnTaylor Stores click here.
Shares of AnnTaylor Stores closed at $23.53 yesterday.
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