UPDATE: Goldman Sachs Initiates On Express, Initiates On Ann, Initiates On Chico's FAS

In a report published November 10th, Goldman Sachs analyst Tiffany Hagge initiated a Buy rating on Express

and set a price target of $28.00, initiated a Sell rating on Ann

and set a price target of $29.00, and initiated a Neutral Rating on Chico's FAS

and set a price target of $17.00. In the report, Goldman Sachs says about Express: "We are Buy rated on EXPR and see 20% upside to our $28, 6-month price target. Spending on strategic initiatives and a fashion miss has resulted in the business under-earning LTM. We see this poised to reverse in 2H13 and into 2014, giving way to a period of outsized earnings growth delivery near term. This is reflected in our 2013/2014 estimates which are +9%/12% above the Street." Goldman Sachs said about Ann: "We are Sell rated on ANN, as our tactical framework suggests demand is not materializing to support increased inventory investment heading into 2H13. We see 18% downside to our 6-month price target of $29 vs. 6% upside for the rest of our coverage. We believe the need to clear excess inventory at a discount will result in significant gross margin pressure, and increased promotional activity QTD at both Ann Taylor and Loft brands supports this is beginning to play out." Goldman said about Chico's FAS: "We are on the sidelines with CHS, as we see a number of potential challenges for the business in the near-term but believe these headwinds are already priced in from a stock price perspective. We initiate with a Neutral rating." Express closed on Friday at $24.43, Ann closed on Friday at $36.65, and Chico's FAS closed on Friday at $18.19.