Nomura Securities Downgrades Ann Inc. (ANN) to Neutral
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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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Nomura Securities downgraded Ann Inc. (NYSE: ANN) from Buy to Neutral but raised its price target from $35 to $38.
Analyst Paul Lejuez comments, "For a long time, the market has failed to appropriately consider the earnings upside if Loft and Ann Taylor Stores (ATS) were to get it right at the same time. With 2Q performance demonstrating both can work, we believe the idea that the divisions can work at the same time is now consensus. The new pricing strategy at ATS of investing in more products at opening (lower) price points is working (as 2Q showed to a small degree), however, September product resonated as well as it could have. We are raising our TP from $35 to $38 to reflect both divisions getting on the right path longer term. Our TP represents 14x and 6.0x our F13E EPS of $2.69 and EBITDA of $300MM, respectively."
1Q12E EPS at $0.58; 2Q12E EPS at $0.36; 3Q12E EPS at $0.76; 4Q12E EPS at $0.31; FY12E EPS at $2.3; FY13E EPS at $2.69.
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 $37.38 yesterday.
Analyst Paul Lejuez comments, "For a long time, the market has failed to appropriately consider the earnings upside if Loft and Ann Taylor Stores (ATS) were to get it right at the same time. With 2Q performance demonstrating both can work, we believe the idea that the divisions can work at the same time is now consensus. The new pricing strategy at ATS of investing in more products at opening (lower) price points is working (as 2Q showed to a small degree), however, September product resonated as well as it could have. We are raising our TP from $35 to $38 to reflect both divisions getting on the right path longer term. Our TP represents 14x and 6.0x our F13E EPS of $2.69 and EBITDA of $300MM, respectively."
1Q12E EPS at $0.58; 2Q12E EPS at $0.36; 3Q12E EPS at $0.76; 4Q12E EPS at $0.31; FY12E EPS at $2.3; FY13E EPS at $2.69.
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 $37.38 yesterday.
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