UPDATE: Wedbush Securities Initiates Coverage on Ann with Neutral Rating, $43 PT as M&A Premium Limits Upside from Fundamentals

In a report published Wednesday, Wedbush Securities analyst Morry Brown initiated coverage on Ann ANN with a Neutral rating and $43.00 price target. In the report, Wedbush Securities noted, “We initiate coverage of ANN with a NEUTRAL rating and $43 price target. Our rating reflects a mixed view on near-term sales and earnings trends, given challenges at the LOFT division (particularly within the basic knits assortment) vs. positive SSS trends at Ann Taylor stores. We believe the company is appropriately valued on a fundamental basis. Upside from current levels likely hinges on M&A activity, though fundamental EPS upside could be driven by improving sales at LOFT or Ann Taylor accelerating against easing comparisons.” Ann closed on Tuesday at $41.77.
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Posted In: Analyst ColorInitiationAnalyst RatingsMorry BrownWedbush Securities
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