Citi Reiterates Buy On AnnTaylor Stores (ANN)

Citi Investment Research is reiterating its Buy rating and $27 price target on shares of AnnTaylor Stores Corp. ANN.

In a note to clients, Citi writes, "We're maintaining our $0.39 estimate for 1Q11 (vs the $0.36 consensus) and our Buy rating on Ann shares. We continue to believe that sales at the Ann division have started spring on a solid note and believe LOFT continues to address merchandise issues with a more balanced offering at the stores. There's been some noise around the product offering, particularly at LOFT, but we continue to believe neutrals are performing well and view the recent promotional
tone as planned."

Shares of ANN gained 37 cents yesterday to close at $24.17, a gain of 1.55%.