UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Raises PT on Ann

In a report published Friday, Bank of America Merrill Lynch reiterated its Buy rating on Ann

, and raised its price target from $37.00 to $44.00. BofA Merrill Lynch noted, “Strong growth at LOFT and in the outlet and e-commerce channels should drive sales and earnings growth in coming years. Growing sales penetration in outlets and e-commerce, which carry higher margins than ANN's frontline stores, should also drive margin growth. Further growth initiatives include a new smaller but higher productivity store design at Ann Taylor stores and eventual expansion into Canada.” Ann closed on Thursday at $39.34.