Jefferies Has Hold On Ann Taylor

Jefferies & Co. is out with a research report on Ann Taylor ANN and it has a Hold rating and a $26 price target on shares. In a note to clients, Jefferies & Co. writes, "We expect ANN to post in line 2Q results with solid sales gains and margin expansion. By brand, we expect Ann Taylor continued its good performance while we think the LOFT brand likely gained momentum in the quarter. However, with a highly promotional and increasingly competitive retail environment, we remain at bay on this name. Reiterate Hold." Shares of ANN lost 8 cents yesterday to close at $22.51.