JP Morgan Provides Updates on CHS & ANN

Analysts at J.P. Morgan reiterated their price targets and ratings on shares of Chico's FAS (CHS) and Ann Taylor Stores (ANN). In the report, CHS' rating remained at Neutral with a $10 price target, stating that "It appears that a lack of inventory and certain merchandise misses contributed to this softening trend, but the tough margin and sales comparisons make us think that guidance may be a bit optimistic." ANN's rating was also left at Neutral with at price target of $17, stating, "While the company tweaked down its GM outlook for the year, we note this contemplates a more promotional outlook for the 2H of the year, a positive for the stock in our view given the more conservative hurdle."