UPDATE: JP Morgan Cuts PT to $18 on Ascena Retail Group Following Top-Line Miss

JP Morgan reiterated its Neutral rating on Ascena Retail Group

and lowered the price target from $22.00 to $18.00. JP Morgan noted, "In the long term, we believe ASNA's goals of annual sales growth of 8%- 10%, an operating margin of greater than 12% and annual EPS growth in excess of 10% could come to pass. However, we remain sidelined in the short term as we believe ongoing topline volatility will drive price action." Ascena Retail Group closed at $16.50 on Friday.