Piper Jaffray Reiterates Underweight On ANN

Piper Jaffray has issued a report reiterating the Underweight Rating on AnnTaylor Stores ANN. According to the report, "We are reiterating our Underweight rating on ANN shares following management's fall product review with analysts and investors in New York yesterday. Pushback to our Underweight thesis appears to be that "promotions are planned" and "channel mix aids margins." While we don't doubt that promotions are planned at retailers at times, we do believe what can often be "unplanned" is the amount of product sold at promotion relative to full price sell throughs." ANN has a $23 Price Target and closed at $28.08 a share yesterday.