Piper Jaffray Reiterates Neutral, $25 PT On Ann Taylor

In a note out today, Piper Jaffray reiterated an Neutral rating and $25 price target on apparel retailer Ann Taylor

, which is below where the stock currently trades. "We are adjusting our FQ4 estimate downward and reiterating our Neutral rating on ANN following a holiday season in which temperatures were unseasonably warm and the apparel retail landscape was intensely promotional. Based on our checks, we believe gross margins for the group were negatively impacted, while aggressive markdowns taken to pursue lean inventory likely supported top line trends. Accordingly, we are lowering our FQ4 EPS estimate from $0.30 to $0.29. Our price target is unchanged at $25," Piper said in the note. Shares of Ann Taylor are up 1% today.