Morgan Stanley Sees Little Room For Activism For ANN

In a report published Monday, Morgan Stanley analyst Kimberly C. Greenberger reiterated an Equal-Weight rating on

. In the report, Morgan Stanley noted, “Over the past 7 years, management has delivered across many value creating opportunities: store fleet rationalization, reducing expenses through two corporate restructurings, and return of excess capital to shareholders. As of FY13 end, ANN generated retail's third highest 5-year shareholder return after LB and TJX. Management continues to invest in eCommerce, cross-channel inventory management, and international growth, all areas we believe are important for the long-term growth of the business.” ANN closed on Friday at $40.40.