Cowen reiterated a Market Perform rating and $7.00 price target on Ascena Retail Group (NASDAQ: ASNA). Cowen believes that the company is a long-term consolidator of brands which can generate profitable growth once achieving positive comp store sales. Looking ahead, Cowen expects ASNA’s analyst day to focus on its Change For Growth strategic plan, quantification of long-term profitability prospects, and the nature of the talent in place to drive the company for the next years.

Analyst Oliver Chen commented, "We like ASNA’s inventory cleanliness on markdown actions, working capital focus, & comps outpacing bad traffic declines on higher customer spend. But, ASNA’s banners all negative comped for a variety of reasons: not enough wear now at Justice, lack of a strong new view at Ann Taylor, and assortment planning issues at Dress Barn."

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Shares of Ascena Retail Group closed at $5.83 yesterday.