Citi Reiterates Buy on Ann, Reduces PT to $34

Citi reiterated its Buy rating on Ann

. At the same time, Citi reduced its price target on the company's stock from $37 to $34. In a research report published today, Citi states, "We are lowering our price target to $34 from $37 but keeping our Buy rating. ANN is well positioned on input inflation in 2H with product costs held flat vs LY. We're also believers in outlet expansion and Ann remodels as longer-term margin drivers. Nevertheless, we think ANN's multiple could come under NT pressure should 2Q gross margin come in weaker than forecast." On Wednesday, Ann lost 4.35% of its value to close the day at $16.36.