UPDATE: Morgan Stanley Downgrades Ann to Equal-Weight on Risk/Reward

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Morgan Stanley reduced its rating on Ann (NYSE: ANN) from Overweight to Equal-weight ad removed its $36 price target. Morgan Stanley commented, "We think ANN's 69% two year stock price gain shows the market now appreciates the company's sales and margin improvement story. At 14x FY13 EPS, a 4-turn y/y rise, we see a balanced risk/reward and downgrade to Equal-weight."Ann closed at $36.56 on Monday.

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