Piper Jaffray Maintains Neutral on AnnTaylor Stores

Piper Jaffray is out with its report on Ann Taylor Stores ANN, maintaining Neutral. In a note to clients, Piper Jaffray writes, "We rate ANN shares Neutral with a $26 price target. Risks include: 1) reliance on key top mgmt, 2) the changing winds of fashion, 3) risk tied to a situation in which all of ANN's product is private-label and bears the sole burden of potential markdowns, and 4) geopolitical uncertainty." At the time of posting, shares of ANN were trading pre-market at $28.77, down 1.10% from Friday's close.