Jefferies Upgrades AnnTaylor Stores (ANN) to Buy

Jefferies upgraded AnnTaylor Stores (NYSE: ANN) from Hold to Buy with a price target of $32.00.

The firm comments, "We have a positive outlook for specialty retail stocks in 2012, as they are likely to benefit from 1) slow consumer recovery; 2) normalized cotton costs which are now a tailwind; 3) meaningful upside to gross margins due to improved sourcing environment; and 4) attractive stock valuations at current levels. As such we are adding two more companies (AEO and ANN) to our Buy list and recommend increasing exposure to this space."

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 $24.89 yesterday.

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